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Suppose you have a house under contract for a sale price of $294,665. You are considering taking out an FHA mortgage and know that
Suppose you have a house under contract for a sale price of $294,665. You are considering taking out an FHA mortgage and know that FHA loans require the borrower to make a 3.5% down payment, and pay a 1.75% up-front mortgage insurance premium and an annual mortgage insurance premium of 0.85%. The up-front premium can be added to the loan amount and the annual premium can paid monthly with the loan payment. How much is your total loan amount if you to finance the up-front mortgage insurance premium?
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
