Albert is purchasing a $179,000 home with a 30-year mortgage at 5.5%. Because he is not making a down payment. PMI in the amount of $88.50/month is required for the first two years of the loan. Based on

Albert is purchasing a $179,000 home with a 30-year mortgage at 5.5%.

Because he is not making a down payment. PMI in the amount of
$88.50/month is required for the first two years of the loan. Based on this
information, what is the total cost of this loan?

A. $344,923.03

B. $368,006.40

C. $387,156.20

D. $323,092.10

2 Answers

Albert is purchasing a $179,000 home with a 30-year mortgage at 5.5%. Because he is not making a down payment. PMI in the amount of $88.50/month is required for the first two ye…

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