Question $7(3$ points$)$

Your clients have a high ratio mortgage and will require "mortgage default insurance". The have purchased a home costing

$$434,500,$ have adequate money for closing costs, and have made a down payment of $$60,000.$ Using the rates below

calculate the cost of the mortgage default insurance premium.

$$11,167$

$$9,625$

$$12,171$

$$14,121$