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A person has placed an offer on a condo at the cost of $ 6 5 0 , 0 0 0 that has been accepted.

A person has placed an offer on a condo at the cost of $

650, 000

that has been accepted. The person decides they can afford a

14 %

downpayment. The remaining closing costs is $

22, 000 .

Calculate the CMHC premium if it is

3 %

of the loan amount.

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