Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 01, 2023

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

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 5- 9.99 percent 10 - 14.99 percent 15-19.99 percent Premium Rate 4% 3.10% 2.80

Step by Step Solution

★★★★★

3.53 Rating (146 Votes )

There are 3 Steps involved in it

Step: 1

Given Down payment amount 50000 Total home price 525000 The ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South-Western Federal Taxation 2020 Comprehensive

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

43rd Edition

357109147, 978-0357109144

More Books

Students also viewed these Finance questions

Question

★★★★★

A multiple regression of y on a constant x1 and x2 produces the following results: y = 4 + 0.4x1 + 0.9x2. R2 = 8/60, e' e = 520, n = 29, Test the hypothesis that the two slopes sum to 1. [29 0 X'X...

Answered: 1 week ago

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

In Exercises 116, evaluate each algebraic expression for the given value or values of the variable(s). x 2 - 4(x - y), for x = 8 and y = 3

Answered: 1 week ago

Question

★★★★★

Davis and Shipman founded a partnership under the name of Shipman & Davis Lumber Company. Four years later, the partnership was dissolved by written agreement. Notice of the dissolution was published...

Answered: 1 week ago

Question

★★★★★

The characteristics of a new product affect its rate of adoption. Identify the five characteristics that influence the rate of adoption, and describe how each factor will influence the rate of...

Answered: 1 week ago

Question

★★★★★

d. Does it specify a particular area of health psychology (e.g., pain management, smoking cessation, obesity)?

Answered: 1 week ago

Question

★★★★★

Design and plot a critical ratio for a Web site project that has planned constant, linear spending from 0 to a total of 1000 over a 100-day duration. In fact, daily spending for the first 15 days has...

Answered: 1 week ago

Question

★★★★★

Fallow Corporation has two separate profit centers. The following information is available for the most recent year: West Division East Division Sales (net) $440,000 $590,000 Salary expense 50,000...

Answered: 1 week ago

Question

★★★★★

7. 150 people were surveyed about their favorite ice cream flavors (mock data): 82 liked chocolate 66 like strawberry 77 like vanilla 10 like chocolate, and strawberry, and vanilla 20 liked only...

Answered: 1 week ago

Question

★★★★★

The population mean and standard deviation are given below. Find the indicated probability and determine whether a sample mean in the given range below would be considered unusual. If convenient, use...

Answered: 1 week ago

Question

★★★★★

Verify the color SU(3) representations for combinations of three or fewer quarks and antiquarks given in Eq. (19.28). Data from Eq. 19.28 qq=303=108 qq 3 3 603, 999 3 3 3 = 36315, qqq 3 3 3 1088 10,

Answered: 1 week ago

Question

★★★★★

In about the years 214-212 BC, the Greek philosopher and scientist Archimedes is said to have repelled a Roman attack with a "death-ray" converging mirror, using sunlight to set the approaching fleet...

Answered: 1 week ago

Question

★★★★★

a. Draw a triangle similar to the one drawn opposite. (i) Measure the length of side AB and let this be the base of the triangle. (ii) Draw on your diagram a line which represents the height of the...

Answered: 1 week ago

Question

★★★★★

The following data show the education and employment status of women aged 2029 (from the 1991 General Household Survey): (a) Draw a bar chart of the numbers in work in each education category. Can...

Answered: 1 week ago

Question

★★★★★

In promiscuous species of mammals, such as deer mouse, the breeding success of males can be predicted from their testes size and the number of sperm they produce. Fisher et al. (2018) investigated...

Answered: 1 week ago

Question

★★★★★

High-Low Method Emily is the manager of a small manufacturing company. She has retained your services to help her set up a budget for the next year of operations. Her peak month is September leading...

Answered: 1 week ago

Question

★★★★★

What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability...

Answered: 1 week ago

Question

★★★★★

Jamie has an undergraduate degree in finance and is employed full-time by a bank. She is taking courses at a local university leading to an MBA degree. a. Is the cost of this education deductible to...

Answered: 1 week ago

Question

★★★★★

Charlie purchased an apartment building on November 16, Year 1, for $1,000,000. Determine the cost recovery for Year 20. a. $36,360 b. $32,100 c. $45,500 d. $331,850

Answered: 1 week ago

Question

★★★★★

Compute the income tax liability for each of the following unrelated C corporations. a. Darter Corporation has taxable income of $68,000. b. Owl Corporation has taxable income of $10,800,000. c....

Answered: 1 week ago

Question

★★★★★

What does the research show in regard to multitasking? a. Chronic multitaskers have developed strategies that allow them to use their brains more effectively. b. Chronic multitasking may be related...

Answered: 1 week ago

Question

★★★★★

Gilbert has been advised by a learning expert to study by using techniques like using flash cards, writing out important points in his own words and then reciting them, using sticky notes to...

Answered: 1 week ago

Question

★★★★★

As you read the text material, you should a. use a highlighter so that you dont waste time writing notes. b. avoid taking notes while reading so that you can concentrate on the material. c. make an...

Answered: 1 week ago

Previous Question Next Question