Real Estate Math
A Maryland buyer purchases a $425,000 home with 5% down. Annual PMI is 0.85% of the loan amount. Annual PMI cost is:
A$1,552
B$3,432✓ Correct
C$2,125
D$3,612
Explanation
Loan = $425,000 × 95% = $403,750. Annual PMI = $403,750 × 0.
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