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Albert and Sonia have a high ratio mortgage and will require mortgage default insurance. The have purchased a home costing $525,000, have adequate money for

Albert and Sonia have a high ratio mortgage and will require "mortgage default insurance". The have purchased a home costing $525,000, have adequate money for closing costs, and have made a down payment of 50,000. Using the rates below calculate the cost of the mortgage default insurance premium.

Down Payment AmountPremium Rate

5 -9.99percent4%

10 - 14.99percent3.10%

15 - 19.99percent2.80

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