Suppose You Have Obtained a 6%, 30 Year Fully-Amortizing FHA

question 28

Multiple Choice

Suppose you have obtained a 6%, 30 year fully-amortizing FHA mortgage loan of $152,625 to finance the purchase of your primary residence. In so doing, you must pay an additional mortgage insurance premium (MIP) of 1.10%. If the first-year average loan balance is $151,775.25, determine the first-year monthly insurance premium payment.

• A) $139.13
• B) $1,025.69
• C) $1,669.53
• D) $1,678.88

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