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ashley232323
22.07.2019 •
Mathematics
Keith is purchasing a $215,000 home with a 30-year mortgage at 5.5%. because he is not making a down payment, pmi in the amount of $93.50/month is required for the first 2 years of the loan. based on this information, what is the total cost of this loan? a. $452,092.10 b. $444,923.03 c. $441,714.00 d. $421,369.20
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Ответ:
$441,714.00
Step-by-step explanation:
Cost of the home = $215,000
Period of the mortgage = 30 years
Rate of Interest = 5.5% = 0.055
PMI = $93.50/ month for 2 years
Total PMI = 93.50 * 24 = $2,244
Mortgage amount to be repaid every month = 215000 divide by
= 215000/176.1218 = 1220.75
Total cost of the loan = 1220.75*360 + 2244 = 439470 + 2244
= $441,714
Hope it helps.
Thank you !!
Ответ:
you would 18 *0.25 = 4.5