Question

When you borrow money to buy a home the lender typically expects you to pay 15% all the purchase price of the home upfront as a down payment if you can’t put the 15% down then you will have to purchase PMI if a home cost $349,000.00 how much of a down payment do you need to make an order to avoid having to purchase PMI round your answer to the nearest cent

Answer 1

We need to calculate 15% of the value of the home

$349,000.00 \times\frac{15}{100}=52350$

They need to make a payment of $52350.00 in order to avoid having to purchase PMI