Antonia is purchasing a house for $210,000, with a 15-year fixed-rate mortgage at 4.75% interest. She has made a 5% down payment. The house is
valued at $205,000, and the local tax rate is 3.5%. Her homeowners insurance
is $480 per year. What are her total monthly payments? (Use the table below
to calculate PMI premiums.)
Base-To Loan
Fixed-Rate Loan
30 yrs. 15 yrs
ARM 23 + 1 Year Cap
30 yrs 15 yrs
95.01% to 97%
0.90% 0.79%
nia
nla
90.01% to 95%
0.78% 0.25%
0.815
85.01% to 90%
0.520.23%
0.65%
85% and Under
0.32% 0.19%
0.37%
0.26%
O A. $2232.92
B. $2420.09
C. $2345.76
D. $2894.71