Question: i want to know the steps ANSWER: A 18 Sam bought a house that costs $500,000. Sam got a 92% LTV loan. The lender demanded

i want to know the steps i want to know the steps ANSWER: A 18 Sam bought a

ANSWER: A 18 Sam bought a house that costs $500,000. Sam got a 92% LTV loan. The lender demanded that Sam buy private mortgage insurance to insure the portion of the loan over 80% LTV. Suppose 5 years later, Sam's mortgage balance is $450,000. However Sam defaults and his house sells for $400,000 in a foreclosure auction. How much will the mortgage insurance company pay Sam's lender? A) B) C) D) $ 50,000.00 $ 60,000.00 $ 100,000.00 $ 450,000.00 ANSWER: A

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