Real Estate Dynamics Math - MIP Verified to pass 2023/2024

Real Estate Dynamics Math - MIPB - 249,900 x 97% = 242,403 Loan Amount. 242,403 x 1.25% = $3,030.0375 rounds to $3,031.00 Upfront MIP. 242,403 + 3,031.00 = $245,434 New Loan Amount. 245,434 x . 75% = 1840.755 / 12 = 153.39625 Rounds to $153.40 per month - correct answer Calculate the Monthly MIP Amount for a property with a Sales Price of $249,900 with a 97% FHA Loan. The Up Front Amount Rate of 1.25% is financed in to the loan and the Monthly MIP Rate is .75% A. $1,840.73 B. $153.40 C. $3030.00 D. $181.50 A - 179,000 x 97% = 173,630 Loan Amount. 173,630 x 1.30% = $2,257.19 rounds to $2,258.00 Up Front MIP. 173,630 + 2258.00 = $175,888.00 New Loan Amount $175,888 x .50% = 879.44 / 12 = 73.286666 Rounds to $73.29 monthly MIP - correct answer Calculate the Monthly MIP Amount for a property with a Sales Price of $179,000 with a 97% FHA Loan. The Up Front Amount Rate of 1.30% is financed in to the loan and the Monthly MIP Rate is .50% A. $73.29 B. $2,256.80 C. $868.00 D. $72.33 A - 89,800 X 97% = 87,106 Loan Amount. 87,106 x 1% = $871.06 rounds to $872.00. 87,106 + 872 = $87,978 New Loan Amount $87,978 x .475% = $417.8855 / 12 = 34.824625 Rounds to $34.82 - correct answer Calculate the Monthly MIP Amount for a property with a Sales Price of $89,800 with a 97% FHA Loan. The Up Front Amount Rate of 1% is financed in to the loan and the Monthly MIP Rate is .475% A. $34.48 B. $871.00 C. $417.86 D. $34.82 C - 129,400 x 97% = 125,518 Loan Amount. 125,518 x 1.25% = $1,568.975 rounds to $1,569.00 Up Front MIP. 125,518 +1,569 = $127,087 New Loan Amount. 127,087 x.0025 = 317.7175 / 12 = 26.476458 Rounds to $26.48 monthly - correct answer Calculate the Monthly MIP Amount for a property with a Sales Price of $129,400 with a 97% FHA Loan. The Up Front Amount Rate of 1.25% is financed in to the loan and the Monthly MIP Rate is .0025 A $313.75 B $317.67 C $26.48 D $26.15 A - 163,600 x 97% = 158,692 Loan Amount. $158,692 x 1% = $1,586.92 rounds up to $1,587.00 Up Front MIP. 158,692 + 1,587 = $160,279 New Loan Amount. 160,279 x .0025 = 400.6975 / 12 = 33.3914583 Rounds to $33.39 monthly - correct answer Calculate the Monthly MIP Amount for a property with a Sales Price of $163,600 with a 97% FHA Loan. The Up Front Amount Rate of 1% is financed in to the loan and the Monthly MIP Rate is .0025 A $33.39 B $400.47 C $33.04 D $396.50 C - 198,200 x 96.5% = 191,263 Loan Amount. 191,263 x 1% = $1,912.63 rounds to 1913.00 Up Front. 191,263 + 1,913.00= $193,176 New Loan Amount. 193,176 x 1% = 1,931.76 / 12 =$160.98 Monthly - correct answer A property has a Sales Price of $198,200 with a 96.5% FHA Loan. The Up Front MIP rate is 1%. The Monthly MIP rate is 1%. How much is the MIP? A $1,912 up Front and $159.33 Monthly B $1,982 Up Front and $165.17 Monthly C $1,913 Upfront and $160.98 Monthly D $1,982 Up Front and $166.82 Monthly B - 164,800 x 96.5% = 159,032 Loan Amount. 159,032 x 2.25% = $3,578.22 rounds up to $3,579.00. - correct answer A property has a Sales Price of $164,800 with a 96.5% FHA loan. The Up Front rate is 2.25% paid in full at closing. How much is the MIP? A $3,577.50