Real Estate Math
A Pennsylvania home buyer puts 5% down on a $340,000 home and must pay PMI of 0.8% of the loan amount annually. What is the monthly PMI cost?
A$204.00
B$214.67✓ Correct
C$170.00
D$136.00
Explanation
Down payment = $340,000 × 5% = $17,000. Loan = $340,000 − $17,000 = $323,000.
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