Business, 11.12.2019 21:31 smagallanes
The original loan amount on an fha mortgage including the 1.75% up-front mortgage insurance premium is $210,000 and the average balance in the first year is $208,711. given the following information on a 30-year fixed-payment, fully-amortizing loan, determine the total monthly loan payment: interest rate: 6%; annual premium for mortgage insurance (paid monthly): 0.85%. hint: use the original loan amount to calculate the principal and interest payment and use the average balance to calculate the mortgage insurance premium
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