the patel family bought a home taking out a mortgage of $235,000 at 8 3/4% for 25 yrs. The annual property taxes on the home are $6,345. and the annual hazard insurance premium is $1,479. what is the monthly PITI payment of their loan?
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Mortgage payment: $1932.04
Taxes: $528.75
Insurance: $123.25
PITI payment: $2584.04
The principal and interest payment (P&I payment) is
1932.04
You can figure this out with an on-line calculator like the one here:
http://www.easyonlinerefi.com/Calculators/Payment.aspx
Taxes are $6,345 /12=$528.75
Insurance is $1,479/12=$123.25
Monthly PITI payments are $1,932.04+$528.75+$123.25=
$2,584.04
Plug in the numbers on this mortgage calculator.
Hint 8 3/4=8.75
Here is the link
http://www.welcome2arizona.com/home/mortgage_calculators/mortgage_calculators.php
http://www.Welcome2Arizona.com