Question: Elvira purchased a $ 3 2 5 , 0 0 0 home through FHA. The loan was financed at 9 6 . 5 % of

Elvira purchased a $ $325, 000$ home through FHA. The loan was financed at $96.5 %$ of loan to value $($ which is the same as the purchase price $)$ with an upfront mortgage insurance premium $($ UFMIP $)$ of $1.75 %$ of the loan. How much is the UFMIP?

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