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Assume a borrower purchased a $ 1 0 0 , 0 0 0 house with a $ 5 , 0 0 0 down payment and
Assume a borrower purchased a $ house with a $ down payment and a year loan with a fixed annual rate of The lender takes a private mortgage insurance that covers percent of the loan for the first years of the loan term. Compute the dollar amount of insurance premium if: a the premium is of the loan amount and it is paid at closing as a one time premium; b the premium is of outstanding mortgage balance and it is paid annually as a percentage of remaining loan balance; c the premium is of outstanding mortgage balance and it is paid monthly as a percentage of remaining loan balance.
These are the answers, please make an excel file able to get these numbers and solve the problem. Please use cell referances.
a $; b first years premium is $ second years premium is $ third years premium is $ etc.; c first months premium is $ second months premium is $ third months premium is $ etc.
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