The Bainters want to estimate annual costs for purchasing the home so costs they estimated for renting. These costs are expenses the Bainters will have only if they purch instead of rent: monthly mortgage payment $200 per year for HOA fees $1, 750 per year for property taxes $1,950 per year for home maintenance $75 per month for water and sewer services • $10 per month for trash and recycling services $65 per month for internet $110 per month for homeowners' insurance Approximately how much should the Bainters budget for a year? Your answer should include • the total amount the Bainters should budget the calculations or an explanation of how you determined the answer
The Bainters want to estimate annual costs for purchasing the home so costs they estimated for renting. These costs are expenses the Bainters will have only if they purch instead of rent: monthly mortgage payment $200 per year for HOA fees $1, 750 per year for property taxes $1,950 per year for home maintenance $75 per month for water and sewer services • $10 per month for trash and recycling services $65 per month for internet $110 per month for homeowners' insurance Approximately how much should the Bainters budget for a year? Your answer should include • the total amount the Bainters should budget the calculations or an explanation of how you determined the answer
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
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Transcribed Image Text:The Bainters want to estimate annual costs for purchasing the home so they can compare them with the
costs they estimated for renting. These costs are expenses the Bainters will have only if they purchase
instead of rent:
monthly mortgage payment
$200 per year for HOA fees
$1, 750 per year for property taxes
$1,950 per year for home maintenance
$75 per month for water and sewer services
• $10 per month for trash and recycling services
• $65 per month for internet
$110 per month for homeowners' insurance
Approximately how much should the Bainters budget for a year?
Your answer should include
• the total amount the Bainters should budget
• the calculations or an explanation of how you determined the answer
Transcribed Image Text:The cost to purchase the house that Bainters are considering is $195, 000, but the Bainters plan to make
a $40,000 down payment. The Bainters have been approved for a fixed-rate, 30-year mortgage with a
4.2% annual interest rate for the remaining costs.
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