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Question Suppose you borrow $300,000 to buy your first home and you also purchase private mortgage insurance (PMI). The loan is a fully-amortizing, 30-year, loan with monthly payments, and an annual interest rate of 10 percent. After ten years, and exactly 120 payments are made, you default and the lender sells your home for $262,814. How much money must the PMI company pay to the lender in order to cover the losses on the remaining loan balance?

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Question

Suppose you borrow $300,000 to buy your first home and you also purchase private mortgage insurance (PMI).  The

loan is a fully-amortizing, 30-year, loan with monthly payments, and an annual interest rate of 10 percent.  After ten years, and exactly 120 payments are made, you default and the lender sells your home for $262,814.  How much money must the PMI company pay to the lender in order to cover the losses on the remaining loan balance?

 
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