Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The annual interest rate on the mortgage is 3.9%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is 1.1% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.
Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The annual interest rate on the mortgage is 3.9%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is 1.1% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Suppose you take out a 30-year mortgage
for a house that costs $303,023. Assume the
following: The annual interest rate on the
mortgage is 3.9%. The bank requires a
minimum down payment of 17% at the time
of the loan. The annual property tax is 1.8%
of the cost of the house. The annual
homeowner's insurance is 1.1% of the cost
of the house. There is no PMI If you make
the minimum down payment, what will
your monthly PITI be? Round your answer
to the nearest dollar.
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