Answer:
The amount of down payment needed to qualify for the loan is $ 4,763.90
Step-by-step explanation:
The question stated that the private mortgage insurance finances 95% of the loan which is the same as the 95% of the value of the home the borrower have in mind.
Availability of 95% mortgage financing implies that the borrower needs to make a down payment of the remaining 5%.
As a result,the borrower would make a down payment of $4,763.90 ($95,278*5%)
