need help with this question Buyer's bought a single-family home for $80,000 with an 80% loan-to-value ratio. Thebuyers' monthly payment to the lender is $11 per $1,000 principal. Estimated annual realestate taxes are $1,200 and the annual monthly homeowner's insurance premium is $240.Which of the following figures is the CORRECT amount of the buyers' monthly payments ofPrincipal, Interest, Taxes, and Insurance (PITI)?A. $724B. $804C. $824D. $1,000

Loan to value ratio is 80% and the cost of the house is $ 80,000.Thus loan amount = 80% * $ 80,000=…

Answered: Buyer's bought a single-family home for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A prospective homeowner knows that the monthly mortgage payment on a house that is for sale will be $738. The current owner says that the annual property tax bill for the upcoming year has been set at $2,542 and will not be reassessed until next year. Fire insurance is supposed to be the same as last year, $900. What would be the prospective homeowner’s total monthly costs for the mortgage, property tax, and insurance bills?
A prospective homeowner knows that the monthly mortgage payment on a house that is for sale will be $738. The current owner says that the annual property tax bill for the upcoming year has been set at $2,542 and will not be reassessed until next year. Fire insurance is supposed to be the same as last year, $900. What would be the prospective homeowner s total monthly costs for the mortgage, property tax, and insurance bills?
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