Buyer's bought a single-family home for $80,000 with an 80% loan-to-value ratio. The buyers' monthly payment to the lender is $11 per $1,000 principal. Estimated annual real estate 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 of Principal, Interest, Taxes, and Insurance (PITI)? A. $724 B. $804 C. $824 D. $1,000
Buyer's bought a single-family home for $80,000 with an 80% loan-to-value ratio. The buyers' monthly payment to the lender is $11 per $1,000 principal. Estimated annual real estate 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 of Principal, Interest, Taxes, and Insurance (PITI)? A. $724 B. $804 C. $824 D. $1,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Buyer's bought a single-family home for $80,000 with an 80% loan-to-value ratio. The
buyers' monthly payment to the lender is $11 per $1,000 principal. Estimated annual real
estate 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 of
Principal, Interest, Taxes, and Insurance (PITI)?
A. $724
B. $804
C. $824
D. $1,000
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