Real Estate Dynamics Math - MIP Question and answers rated A+ 2023/2024

Real Estate Dynamics Math - MIP Question and answers rated A+ 2023/2024 B - 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