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
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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d81bceb-0d82-4562-b7a1-8a5edeb0f2ce%2F6afc5f26-c73f-4b08-b355-c3ba9a91d2c8%2Fhdchrmr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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