Question

In: Advanced Math

Brad and Sam take a 30-year mortgage for a house that costs $103570. Assume the following:...

Brad and Sam take a 30-year mortgage for a house that costs $103570. Assume the following: The annual interest rate on the mortgage is 4.3%. The bank requires a minimum down payment of 20% of the cost of the house. The annual property tax is 1.6% of the cost of the house. The annual homeowner's insurance is $674. There is no PMI. If they make the minimum down payment, what will their monthly PITI be? Round your answer to the nearest dollar.

Expert Solution

cost of the house is $103570

a down payment (DP) is 20% of the cost

....................... the minimum down payment

.

so loan amount is

.

L=82856

r=4.3% = 0.043

t=30 years

n=12 for monthly payment

.....................monthly payment for a loan

.

annual property tax is 1.6% of the cost

annual property tax=1.6% of 103570

annual property tax=0.016(103570)

annual property tax=1657.12

monthly property tax=1657.12/12

monthly property tax=138.093

.

annual homeowner's insurance is $674.

monthly homeowner's insurance is $674/12.

monthly homeowner's insurance is $56.167

.

monthly PITI is

.......................monthly PITI

Colby Messinger answered 1 year ago

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