Suppose you obtain a 20-year mortgage loan of $199,000 at an annual interest rate of 8.1%....

Suppose you obtain a 20-year mortgage loan of $199,000 at an annual interest rate of 8.1%. The annual property tax bill is $966 and the annual fire insurance premium is $487. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

$_______________

Expert Solution

Total monthly payment for the mortgage, property tax, and fire insurance:-

=PMT(rate,nper,pv)+monthly tax+monthly premium

=PMT(8.1%/12,20*12,-199000)+(966/12)+(487/12)

=1798.01

jeff jeffy answered 2 years ago

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