Question

PMI is based on the amount of money borrow each year your PMI cost is 0.82% of the amount you borrow suppose you borrow $370,000 need to purchase PMI how much will you have to pay for PMI for the year

Answer 1

To calculate the PMI payment for the year, multiply the amount borrowed by the PMI cost percentage. In this case, the PMI payment for a $370,000 loan would be $3,034.

Step-by-step explanation:

To calculate the amount you will have to pay for PMI for the year, you need to multiply the amount you borrow by the PMI cost percentage.

Given that you borrowed $370,000 and the PMI cost is 0.82%, you can calculate the PMI payment as follows:

PMI payment = $370,000 × 0.82% = $370,000 × 0.0082 = $3,034

Therefore, you will have to pay $3,034 for PMI for the year.

Answer 2

The amount you will have to pay for PMI for the year is;

`\text{\$3,034}`

Step-by-step explanation:

Given that PMI is based on the amount of money borrowed each year your PMI cost is 0.82% of the amount you borrow.

Suppose you borrow $370,000.

The amount you will need to pay for PMI for the year will be;

`\begin{gathered} \text{PMI}=0.82\text{\% of \$370,000} \\ PMI=(0.82)/(100)*\text{\$370,000} \\ PMI=\text{ \$3,034} \end{gathered}`

Therefore, the amount you will have to pay for PMI for the year is;

`\text{\$3,034}`