In: Finance
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.
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