Answer:
The amount you will have to pay for PMI for the year is;
[tex]\text{\$3,034}[/tex]
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;
[tex]\begin{gathered} \text{PMI}=0.82\text{\% of \$370,000} \\ PMI=\frac{0.82}{100}\times\text{\$370,000} \\ PMI=\text{ \$3,034} \end{gathered}[/tex]
Therefore, the amount you will have to pay for PMI for the year is;
[tex]\text{\$3,034}[/tex]
