In: Accounting
Monthly PITI = Monthly PI + Monthly TI
Monthly TI = (Estimated property tax + Hazard insurance ) 12
Monthly TI = ( $1,750 + $858 ) 12
Monthly TI = $ 217.33
Number of 1000's = Amount financed 1000
Number of 1000's = $ 9600 1000
Number of 1000's = 9.6
Locating the table factor from the table for interest rate 7.50% for n = 20 years
Table factor = 8.06
Monthly PI = 9.6 * 8.06
Monthly PI = $ 77.376
Monthly PITI = $ 77.376 + $ 217.33
Monthly PITI = $ 294.706