Eall 2018 (Pick 5) g down! She has paid off -redit card is 5. SpongeBob's friend Patrick is thinking about movinguie his first house- a nice one bedroom sea has saved $39,000 for his down payment buying process. sehi of his right next door to SpongeBob's house. Patrick ind closing costs, but has no clue about the home The shell Patrick is looking at is priced at 5160.000: estimated cosim s loan origination fee is 1 percent of the loan for a 15 year fixed loan of he puts down at least 20 percent of the purchase price. Properyers insurance,ad homeowners insurance is S1200 a year. The loan origination fee, h property taxes are not included in the closing costs. at $160,000, estimated closing costs are $6000, the 5 percent, but only if taxes are $1600 per year and A) Calculate Patrick's total closing costs (including the down payment) assuming he must prepay taxes closing costs and all of the loan origination fee. and insurance for 1 full year and the seller is willing to pay one half of the B) Calculate Patrick's house payment assuming he can cover the 20% down payment (principal and interest: exhibit 9-9 (page 302), and taxes and insurance): PITI: will he have to pay it? Approx. how much money is PMI for a S 130,000 loan (use 1% upfront and monthly)? C) What is Private Mortgage Insurance (PMI)? If Patrick does not have at least 20% down