Suppose you obtain a 20-year mortgage loan of $191,000 at an annual interest rate of 8.1%. The annual property tax bill is $974 and the annual fire insurance premium is $488. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
Suppose you obtain a 20-year mortgage loan of $191,000 at an annual interest rate of 8.1%. The annual property tax bill is $974 and the annual fire insurance premium is $488. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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Suppose you obtain a 20-year mortgage loan of $191,000 at an annual interest rate of 8.1%. The annual property tax bill is $974 and the annual fire insurance premium is $488. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
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Suppose you obtain a 20-year mortgage loan of $198,000 at an annual interest rate of 8.3%. The annual property tax bill is $974 and the annual fire insurance premium is $488. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
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