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In: Accounting

find the monthly piti for Sarah based on a mortgage of $96,00 at a rate of...

find the monthly piti for Sarah based on a mortgage of $96,00 at a rate of 7.5% for 20 years with an annual property tax and hazard insurance premium of $1,750 and $858 respectively.

Solutions

Expert Solution

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

ekkarill92 answered 3 years ago
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