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Sam bought a house that costs $500,000. Sam got a 96% LTV loan. The lender demanded that Sam buy private mortgage insurance to insure the
Sam bought a house that costs $500,000. Sam got a 96% LTV loan. The lender demanded that Sam buy private mortgage insurance to insure the portion of the loan over 75% LTV. Suppose 5 years later, Sams mortgage balance is $400,000. However Sam defaults and his house sells for $220,000 in a foreclosure auction. How much will the mortgage insurance company pay Sams lender? 620,000 220,000 180,000 105,000
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Budgets And Financial Management In Higher Education
Authors: Margaret J. Barr, George S. McClellan
3rd Edition
1119287731, 9781119287735
