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Maury is quite discouraged as he just read in the news that Toronto housing ranked...

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Finance

Maury is quite discouraged as he just read in the news that Toronto housing ranked as
more expensive than New York and Miami! He has been saving to buy a home for years
and thought that this would be the year he could actually buy. It has been tough just
to save 5% as a down payment. He knows that only putting down 5% requires him to go
through Canada Mortgage and Housing Corporation (CMHC) for loan insurance of 4%.
Maury is unsure how to calculate the loan insurance amount based on his home offer of
$322,000. Help Maury calculate the mortgage loan insurance amount needed.
Select one:
a. $15,360
b. $12,160
c. $12,236
d. $16,000
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