Edward has a 30 year mortgage of $403,897. Edward qualifies for a 2.88% loan. Annual property...

Edward has a 30 year mortgage of $403,897. Edward qualifies for a 2.88% loan. Annual property taxes are $2,548 and annual insurance is $1,412/ Calculate Edward's PITI payment. Please show work. Thank you.

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Expert Solution

Monthly property taxes and insurance =(2548+1412)/12 =330

Monthly loan payment:-

=PMT(rate,nper,pv)

=PMT(2.88%/12,30*12,-403897)

=1676.82

PITI =330+1676.82 =2006.82

jeff jeffy answered 2 years ago

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