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When the Hamilton s purchased their home they took out a $ 3 0 0 , 0 0 0 mortgage with a 3 0 -

When the Hamiltons purchased their home they took out a $300,000 mortgage with a 30-year term and an interest rate of 8%. The lender requires PMI because the borrower's down payment is less than 20% of the home's value. The PMI rate is 0.4% of the loan amount annually, and the borrower pays it monthly.
The PMI covered the lender up to 28% of the original loan amount.
Unfortunately, after being in the home for seven years, the Hamiltons defaulted on the mortgage and the lender foreclosed. At foreclosure, the lender auctioned the home and received $ 225,000 for the home. What was the lenders loss in this loan?
$26,489
$62,432
$84,000
$0

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