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The original loan amount on an FHA mortgage including the 1.75% up-front mortgage insurance premium is $210,000 and the average balance in the first year
The original loan amount on an FHA mortgage including the 1.75% up-front mortgage insurance premium is $210,000 and the average balance in the first year is $208,711. Given the following information on a 30-year fixed-payment, fully-amortizing loan, determine the total monthly loan payment: Interest rate: 6%; Annual premium for mortgage insurance (paid monthly): 0.85%. (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01)
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