Finance
An FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the base loan amount. For a $250,000 loan, what is the UFMIP?
A$2,500
B$3,500
C$4,375✓ Correct
D$5,000
Explanation
UFMIP = $250,000 × 0.0175 = $4,375.
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