A borrower with a 645 credit score is buying a $211,138 home with 95% LTV financing. The percent annual premium from the private mortgage insurance (PMI) company is 1.43% for a 30% coverage policy. The borrower's monthly premium payment is?

A borrower with a 645 credit score is buying a $211,138 home with 95% LTV financing. The percent annual premium from the private mortgage insurance (PMI) company is 1.43% for a 30% coverage policy. The borrower's monthly premium payment is?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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A borrower with a 645 credit score is buying a $211,138 home with 95% LTV financing. The percent
annual premium from the private mortgage insurance (PMI) company is 1.43% for a 30% coverage
policy. The borrower's monthly premium payment is?
(Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01)

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