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summarized in the table below. Financing Details on a Home Available to the Johnsons insurance premium should be about $1,800 annually. A mortgage insurance premium
summarized in the table below. Financing Details on a Home Available to the Johnsons insurance premium should be about $1,800 annually. A mortgage insurance premium of $88 per month must be paid monthly on the two 10 percent down options. 2 Conventional. 3 Renegotiable every five years. a. Which plan has the lowest total up-front costs? The highest? b. What would be the full monthly payment for PITI and PMI for each of the options? Round your answers to the nearest cent. Leave no cells blank. Enter "0" wherever required. c. If the Johnsons had enough additional cash to make the 20 percent down payment, would you recommend lender 1 or lender 2 ? a. Which plan has the lowest total up-front costs? The highest? b. What would be the full monthly payment for PITI and PMI for each of the options? Round your answers to the nearest cent. Leave no cells blank. Enter "0" c. If the Johnsons had enough additional cash to make the 20 percent down payment, would you recommend lender 1 or lender 2 ? Why? The input in the box below will not be graded, but may be reviewed and considered by your instructor. d. Assuming that the Johnsons will need about $3,000 for moving costs (in addition to closing costs), which financing option would you recommend? Why? The input in the box below will not be graded, but may be reviewed and considered by your instructor
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