Pierre and Franca have a high ratio mortgage and will require "mortgage default insurance". They purchased a home for $$525,000,$ and have adequate money for closing costs. The down payment was $50,000.$

Using the rates below calculate the cost of the mortgage default insurance premium.

Down Payment Amount Premium Rate

$59\mathrm{.}99$ percent $4\%$

$1014\mathrm{.}99$ percent $3\mathrm{.}10\%$

$1519\mathrm{.}99$ percent $2\mathrm{.}80$

Question $29$ options:

$$25,000$

$$19,580$

$$18,010$

$$16,987$

$$14,725$