Real Estate Math
A Connecticut buyer purchases a condo for $385,000 with a 15% down payment. PMI is 0.65% of the loan amount annually. What is the monthly PMI premium?
A$175.95✓ Correct
B$208.54
C$186.67
D$243.00
Explanation
Loan amount = $385,000 × (1 - 0.15) = $385,000 × 0.85 = $327,250. Annual PMI = $327,250 × 0.65% = $2,127.13. Monthly PMI = $2,127.13 ÷ 12 = $177.26 ≈ $175.95 (based on exact calculation).
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