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28 April, 13:04

Andrew and Jackie are considering taking out a $400,000 mortgage to buy a house. How much would they have to have for a down payment to not be required to buy PMI?

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  1. 28 April, 13:26
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    More than $80,000

    Explanation:

    If an individual wanted to take a House mortgage loan (without PMI) his Down payment must be exceed from 20% of mortgage loan value.

    In the case of Andrew and Jackie, they have to pay more than 20% of there House mortgage value, which is $400,000

    Computation:

    To take the loan without (PMI) = more than 20% of House mortgage loan

    = $400,000 x 20%

    = $80,000

    So, they have to pay more than $80,000
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