Rick Rueta purchased a $88,000 home at 7.5% for 30 years with a down payment of...

Rick Rueta purchased a $88,000 home at 7.5% for 30 years with a down payment of $25,000. His annual real estate tax is $1,932 along with an annual insurance premium of $1,092. Rick’s bank requires that his monthly payment include an escrow deposit for the tax and insurance. What is the total payment each month for Rick? (Round your answer to the nearest cent.)

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Expert Solution

The monthly payment for loan:

=PMT(7.5%/12,30*12,88000-25000)

=440.51

Total payment each month =440.51+(1932+1092)/12 =692.51

jeff jeffy answered 2 years ago

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