Noel purchases a house and gets a 30-year mortgage for $195,000 at 5.5 % APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $1300 per year and the property tax is $2400 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.
Noel purchases a house and gets a 30-year mortgage for $195,000 at 5.5 % APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $1300 per year and the property tax is $2400 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Aa.51.
Transcribed Image Text:208
Noel purchases a house and gets a 30-year mortgage for $195,000 at 5.5 % APR. In addition to the monthly payment, the
lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners
insurance is $1300 per year and the property tax is $2400 per year. Determine the monthly payment to the lender that
includes the insurance and property tax. Round your answer to the nearest cent.
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