Answered: Question 7 (3 point Listen Your clients… | bartleby

SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter4: Gross Income

Section: Chapter Questions

Problem 6RP

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Question 7 (3 point
Listen
Your clients have a high ratio mortgage and will require "mortgage default insurance". The have purchased a home costing
$434,500, have adequate money for closing costs, and have made a down payment of $60,000. Using the rates below
calculate the cost of the mortgage default insurance premium.
LTVR Percentage
Premium Rate
80.00 84.999 percent
2.57%
1
85.00 89.999 percent
3.25%
90.00 94.99 percent
4.28%
$11,167
$9,625
$12,171
$14,121
B

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