Naomi has a 15 year mortgage on her house. Her monthly principal and interest payment is...

Naomi has a 15 year mortgage on her house. Her monthly principal and interest payment is $1,373. Her annual insurance is $1,388 and her annual property taxes are $1,996. Find her adjusted monthly payment of principal, interest, taxes, and insurance (PITI). Please show step by step. Thank you

Solutions

Expert Solution

PITI = Principal + Interest + Taxes + Insurance

PITI = 1,373 + 1,388/12 + 1,996/12

PITI = $1,655

So,

PITI = $1,655

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Monthly Mortgage Payments The average monthly mortgage payment including principal and interest is 982 in the...

Monthly Mortgage Payments The average monthly mortgage payment including principal and interest is 982 in the United States. If the standard deviation is approximately 180 and the mortgage payments are approximately normally distributed, find the probabilities. Use a TI-83 Plus/TI-84 Plus calculator and round the answers to at least four decimal places. (a) (a)The selected monthly payment is more than $1400 (a)The selected monthly payment is more than 1400 P(Z>1400)= 2) Prison Sentences The average prison sentence for a person...

The average monthly mortgage payment including principal and interest is $982 in the United States. If...

The average monthly mortgage payment including principal and interest is $982 in the United States. If the standard deviation is approximately $180 and the mortgage payments are approximately normally distributed, find the probability that a randomly selected monthly payment is: A. Between $800 and $1150 B. Less than $1,000

You wish to qualify for a $200,000 mortgage. Your monthly payment (principal and interest) must not...

You wish to qualify for a $200,000 mortgage. Your monthly payment (principal and interest) must not exceed 25% of your monthly income. Your monthly payment plus taxes and homeowner’s insurance must not exceed 28% of your monthly income. Your monthly payment, taxes, insurance, and other debt payments must not exceed 33% of your monthly income. The loan is for 30 years. Interest rates for these loans are 7%. Taxes and insurance are $250 per month and you have a $300...

Find the monthly payment needed to amortize principal and interest for each fixed-rate mortgage for a...

Find the monthly payment needed to amortize principal and interest for each fixed-rate mortgage for a $220,000 at 4.5% interest for 30 years.

5)What is the monthly payment on a 15 year, $350,000 mortgage loan, where interest rate is...

5)What is the monthly payment on a 15 year, $350,000 mortgage loan, where interest rate is 3% per year, Compounded annually Compounded monthly Compounded daily What are effective annual rates for 1,2, and 3 above?

With a conventional amortized mortgage loan, what is TRUE about each monthly principal and interest payment?...

With a conventional amortized mortgage loan, what is TRUE about each monthly principal and interest payment? a. The loan payment will go up each month. b. The portion used to pay interest increases. c. The portion used to pay interest decreases. d. The loan payment will go down each month.

Problem 6. A 20-year mortgage with monthly payments has a principal outstanding of $125,000. Interest is...

Problem 6. A 20-year mortgage with monthly payments has a principal outstanding of $125,000. Interest is at 8% compounded semi-annually. What are the monthly payments? ANSWER is $1,035.24 but PLEASE SHOW STEPS. TIA - - Problem 7: Ambrin corp. expects to receive $2,000 per year for 10 years and $3,500 per year for the next 10 years. WHat is the present value of this 20 year cash flow? use an 11% discount. ANSWER is $19,038 ... Please solve and show...

You apply for a 15-year, fixed-rate (APR 4.08%) monthly-payment-required mortgage loan for a house selling for $120,000 today.

You apply for a 15-year, fixed-rate (APR 4.08%) monthly-payment-required mortgage loan for a house selling for $120,000 today. Your bank requires 22% initial down payment of house value (to be paid upfront in cash immediately, thus not included in the loan balance), therefore lends you the remaining 78% of house value as the loan, plus $3,000 application-process-closing cost (to be added into the beginning loan balance and amortized later). (a) What is your monthly loan payment if you...

Loan Amortization Schedule for Investment Interest rate Year Beginning Principal Principal Payment Interest Payment Ending principal...

Loan Amortization Schedule for Investment Interest rate Year Beginning Principal Principal Payment Interest Payment Ending principal Tax Savings 0.07 1 15,000 a. 1,050 b. c. 0.07 2 0.07 3 0.07 4 0.07 5 0.07 Fill in the blanks. Explain how to get the principal and ending principal.

What will be the monthly payment on a $75,000 30-year home mortgage at 1% interest per...

What will be the monthly payment on a $75,000 30-year home mortgage at 1% interest per month?

Subjects