Finance
A Wyoming buyer's FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount. On a $250,000 loan, what is the UFMIP?
A$3,250
B$3,875
C$4,375✓ Correct
D$5,000
Explanation
UFMIP = $250,000 × 1.75% = $250,000 × 0.0175 = $4,375. To solve this, multiply the relevant values: $250,000 at 1.75%.. The correct answer is $4,375.. This is a common calculation on the Wyoming real estate exam.
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