You are an analyst of the FHA program.The program has an upfront insurance premium of 1.75 percent and an annual premium of .85 percent.If a borrower gets a 30-year, 4 percent, fixed-rate mortgage, and pays it off in 15 years, and also pays a point, what is the all-in cost of the mortgage to the borrower annually?(Hint, the upfront MIP is like a fee, and the annual fee is like an add-on to the rate.)