Homebuyers who don't make a down payment of at least 20% may be required to take out PMI (Private Mortgage Insurance). On a $200,000 loan, the premiums can cost more than $100 per month. What would be the minimum down payment on a $200,000 loan?

Question

Crystal Nielsen

Mathematics

12 December, 13:02

Homebuyers who don't make a down payment of at least 20% may be required to take out PMI (Private Mortgage Insurance). On a $200,000 loan, the premiums can cost more than $100 per month. What would be the minimum down payment on a $200,000 loan?

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Answers (2)

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Willow Mercado · Answer 1

If your asking for the 20% down payment then the answer is $40,000

To get this you need to first convert the 20% into a decimal.

20%-->.20

Now you need to multiply the $200,000 by. 20

$200,000x. 20 = $40,000 < - - - 20% of $200,000

Roger Moss · Answer 2

16.6 its the answer to the quistin