Real Estate Math
A buyer makes a 10% down payment on a $320,000 home. PMI costs 0.8% of the loan amount annually. What is the monthly PMI payment?
A$19.20
B$192.00✓ Correct
C$21.33
D$213.33
Explanation
Loan amount = $320,000 × 90% = $288,000. Annual PMI = $288,000 × 0.8% = $2,304. Monthly PMI = $2,304 ÷ 12 = $192.00.
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