Solution-Amount of private mortgage insurance

Amount of private mortgage insurance

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Reference no: EM131317569

Does anybody know how to do this question? Please show the formula, thank you very much!

Purchase price=150,000

L/V=85%

Monthly payment

Interest rate=3%

30 years term

Private mortgage insurance cost: 9%/28%

So what is the loan balance at the end of 10 years of scheduled payments?

And what is the amount of private mortgage insurance added to each payment in the first year?

Reference no: EM131317569

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Amount of private mortgage insurance

Reference no: EM131317569

Reference no: EM131317569

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