FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

$300,000 house at 5% interest, 30 year loan, the LTV is 85%. Assume that the PMI has an upfront premium of 2% and an annual

image text in transcribed

$300,000 house at 5% interest, 30 year loan, the LTV is 85%. Assume that the PMI has an upfront premium of 2% and an annual premium of .5% based on loan amount. how many months you have to pay PMI (when can you call your lender to request drop PMI payment)?

answer choices 45 51 49 41

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Markets And Institutions

Financial Markets And Institutions

Authors: Anthony Saunders, Marcia Cornett

8th Edition

1264098723, 978-1264098729

More Books

Students also viewed these Finance questions

Question

★★★★★
Determine the temperature at which 2% of diatomic oxygen (O2) dissociates into monatomic oxygen (O) at a pressure of 3 atm.

Answered: 1 week ago

Question

★★★★★
Tell whether each of the following accounts is an asset, a liability, a revenue, an expense, or none of these: a. Accounts Payable b. Supplies c. Dividends d. Fees Earned e. Rent Expense f. Accounts...

Answered: 1 week ago

Question

★★★★★
Use the Body Fat data set with Weight as the response variable and Age, Height, Neck, Chest, Abdomen, Knee, Ankle, Biceps, and Forearm as the explanatory variables to answer the following: (a) Fit...

Answered: 1 week ago

Question

★★★★★
The Hannam Company decided to change from the declining- balance method of depreciation to the straight- line method effective 1 January 20X7. The following information was provided: The company has...

Answered: 1 week ago

Question

★★★★★
An administrator is unable to manage certificates with the vSphere Client.What is another supported option that can be used to manage certificates?A . vCenter Server Management InterfaceB. Command...

Answered: 1 week ago

Question

★★★★★
Fowl Products issued $80 million of 6%, 10-year convertible bonds at a net priceof $81.6 million. Fowl recently issued similar, but nonconvertible, bonds at 99 (that is, 99% of faceamount). The bonds...

Answered: 1 week ago

Question

★★★★★
Americans face greater financial barriers in accessing careinsurance deductibles, copayments, and out-of-pocket expensesthan do those in other high-income countries (Schoen et al., 2009b,2010,2011)...

Answered: 1 week ago

Question

★★★★★
Compute the Riemann sum S43 to estimate the double integral of f(x, y) = 9xy over R = [1,5] [1,2.5]. Use the regular partition and upper-right vertices of the sub-rectangles as sample points. (Give...

Answered: 1 week ago

Question

★★★★★
3. (18 points) A student earned the following grades in her college classes during a particular semester. B+ C- D+ A C A- These courses had the corresponding credit hours listed below. 3 4 2 1 4 3...

Answered: 1 week ago

Question

★★★★★
TravThe travel agency is planning a trip to England for 1 0 0 members of a college faculty. The plane fare is $ 5 0 0 within an additional charge of $ 1 0 for each cancellation. What is the number of...

Answered: 1 week ago

Question

★★★★★
Name a manager that works in the government or public sector: the management issues they face, how they deal with those issues, what theory and tools they use to help them in dealing with them

Answered: 1 week ago

Question

★★★★★
consider how to bridge the gap between research and evidence-based HR practice;

Answered: 1 week ago

Question

★★★★★
describe and present a summary of data you have collected.

Answered: 1 week ago

Question

★★★★★
collect, organise and store quantitative data in an effective way;

Answered: 1 week ago

Previous Question Next Question