you obtain a 265,000, 15 year fixed rate mortgage. The annua interest rate is 6.25%. In...

you obtain a 265,000, 15 year fixed rate mortgage. The annua interest rate is 6.25%. In addition to the principle and interest paid, you must pay 275 a month into a escrow account for insurance and taxes. What is the total monthly payment(to the nearest dollar)?

Expert Solution

Using financial calculator BA II Plus - Input details:	#
I/Y = Rate/Frequency = 6.25/12 =	0.520833
FV = Future value =	$0.00
N = Total payment term x Frequency = 15*12 =	180.00
PV =	-$265,000.00
CPT > PMT = Payment =	$2,272.17

$275 is paid for insurances and taxes

So total monthly payment = 2,272.17+275 = $2,547.17 = $2,547

jeff jeffy answered 2 years ago

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