Step-by-step explanation:
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The amount add to the borrower's monthly payment is $313.33.
Given that lender requires PMI that is 0.8% of the loan amount of $470,000.
A loan's PMI, or personal mortgage insurance, is a type of mortgage insurance used by lenders when making traditional loans such as home loans. A PMI helps cover the loss to the lender (bank) if the borrower stops making monthly mortgage payments on their home loan. Therefore, the PMI can be described as a kind of risk mitigation tool for the bank when the borrower defaults on their EMIs (monthly mortgage payments). So, PMI for a borrower is an additional cost or payment for the borrower on top of his monthly payments i.e. EMI.
Thus, the additional amount of dollars that the borrower has to pay for the PMI on his loan along with his monthly mortgage payments
= Principal Loan amount × (PMI/12)
= $470,000 × (0.8%/12)
= $470,000 × (0.008/12)
= $470,000 × 0.0006666667
=$313.333349
Hence, the additional monthly payment for PMI where lender requires PMI that is 0.8% of the loan amount of $470,000 is $313.33.
Learn more about mortgage payment from here brainly.com/question/10400598
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let x x +2 x+4 three consecutive odd <span>integers
2x =9+ x+4 </span>Twice the smallest<span> is nine more than the largest
2x - x= 13
x= 13 the first
the second integer 15 the third 17 </span>
Tell me the problems and i may be able to help
Answer: 1,296 m
iles
Step-by-step explanation:
Hi, to answer this question we have to apply the next formula:
Distance = Speed rate x time
- speed rate = 54 miles per hour
- time = 24 hours
Replacing with the values given and solving for D (distance)
D = 54 mph x 24 h = 1,296 m
The car traveled 1,296 miles
Feel free to ask for more if needed or if you did not understand something.
