3. Brad and Sam take a 30-year mortgage for a house that costs $218,556. Assume the...

3. Brad and Sam take a 30-year mortgage for a house that costs $218,556. Assume the following:

The annual interest rate on the mortgage is 3.5%.
The bank requires a minimum down payment of 15% of the cost of the house.
The annual property tax is 1.7% of the cost of the house.
The annual homeowner's insurance is $869.
There is no PMI.

If they make the minimum down payment, what will their monthly PITI be?

Round your answer to the nearest dollar.

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Expert Solution

ekkarill92 answered 1 year ago

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