James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,900 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,900 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
Related questions
Question
100%
James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,900 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)

Transcribed Image Text:Interest
Rate (%)
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25
7.50
7.75
8.00
8.25
8.50
8.75
9.00
9.25
9.50
9.75
10.00
10.25
10.50
10.75
11.00
11.25
11.50
11.75
12.00
5
Years
18.19
18.30
18.42
18.53
18.64
18.76
18.87
18.99
19.10
19.22
19.33
19.45
19.57
19.68
19.80
19.92
20.04
20.16
20.28
20.40
20.52
20.64
20.76
20.88
21.00
21.12
21.25
21.37
21.49
21.62
21.74
21.87
21.99
22.12
22.24
10
Years
9.89
10.01
10.12
10.24
10.36
10.48
10.61
10.73
10.85
10.98
11.10
11.23
11.35
11.48
11.61
11.74
11.87
12.00
12.13
12.27
12.40
12.53
12.67
12.80
12.94
13.08
13.22
13.35
13.49
13.63
13.78
13.92
14.06
14.20
14.35
15
Years
7.15
7.27
7.40
7.52
7.65
7.78
7.91
8.04
8.17
8.30
8.44
8.57
8.71
8.85
8.99
9.13
9.27
9.41
9.56
9.70
9.85
9.99
10.14
10.29
10.44
10.59
10.75
10.90
11.05
11.21
11.37
11.52
11.68
11.84
12.00
20
Years
5.80
5.93
6.06
6.19
6.33
6.46
6.60
6.74
6.88
7.02
7.16
7.31
7.46
7.6
7.75
7.90
8.06
8.21
8.36
8.52
8.68
8.84
9.00
9.16
9.32
9.49
9.65
9.82
9.98
10.15
10.32
10.49
10.66
10.84
11.01
25
Years
5.01
5.14
5.28
5.42
5.56
5.70
5.85
5.99
6.14
6.29
6.44
6.60
6.75
6.91
7.07
7.23
7.39
7.55
7.72
7.88
8.05
8.22
8.39
8.56
8.74
8.91
9.09
9.26
9.44
9.62
9.80
9.98
10.16
10.35
10.53
PL
30
Years
4.49
4.63
4.77
4.92
5.07
5.22
5.37
5.52
5.68
5.84
6.00
6.16
6.32
6.49
6.65
6.82
6.99
7.16
7.34
7.51
7.69
7.87
8.05
8.23
8.41
8.59
8.78
8.96
9.15
9.33
9.52
9.71
9.90
10.09
10.29
35
Years
4.13
4.28
4.43
4.58
4.73
4.89
5.05
5.21
5.37
5.54
5.70
5.87
6.04
6.21
6.39
6.56
6.74
6.92
7.10
7.28
7.47
7.65
7.84
8.03
8.22
8.41
8.60
8.79
8.98
9.18
9.37
9.56
9.76
9.96
10.16
40
Years
3.87
4.03
4.18
4.34
4.50
4.66
4.82
4.99
5.16
5.33
5.50
5.68
5.85
6.03
6.21
6.40
6.58
6.77
6.95
7.14
7.33
7.52
7.71
7.91
8.10
8.30
8.49
8.69
8.89
9.08
9.28
9.48
9.68
9.88
10.08
Expert Solution

Step 1
NOTE: Refresh your page if you can't see any equations.
.
here we have
L=96500
r=4%
t=15 years
The property taxes are $3,900 per year
The hazard insurance premium is $764.50 per year
Step by step
Solved in 4 steps with 10 images

Recommended textbooks for you

Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON

Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning

Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning

Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON

Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning

Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning

Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON

Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press

College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education