8. A first-time home buyer wants to buy a house priced at ( $ 210,000 ). They have ( $ 25,000 ) saved as a down payment. They plan to borrow the remaining ( $ 185,000 ). (a) What is the LTV ratio? Is PMI required? (b) Property tax is ( 2 % ) of the value of the property each year. How much does this add to the monthly payment? (c) Fina solutionspile.com

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8. A first-time home buyer wants to buy a house priced at  (  $ 210,000  ). They have  (  $ 25,000  ) saved as a down payment. They plan to borrow the remaining  (  $ 185,000  ). (a) What is the LTV ratio? Is PMI required? (b) Property tax is  ( 2  %  ) of the value of the property each year. How much does this add to the monthly payment? (c) Financing for 30 years results in a  (  $ 1109  ) monthly P  &l payment. Financing for 20 years results in a  (  $ 1325  ) monthly P &I payment. Which option is better? Why? solutionspile.com

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(Solved): 8. A first-time home buyer wants to buy a house priced at \( \$ 210,000 \). They have \( \$ 25,000 ...

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