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Elvira purchased a $ 3 2 5 , 0 0 0 home through FHA. The loan was financed at 9 6 . 5 % of

Elvira purchased a $325,000 home through FHA. The loan was financed at 96.5% of loan to value (which is the same as the purchase price) with an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan. How much is the UFMIP?

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