Suppose you take out a 30-year mortgage for a house that costs 5490, 236. Assume the following: The annual interest rate on the mortgage is 3.6% The bank requires a minimum down payment of 18% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be?

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.