Homework Answers
Answer
Total monthly payment is $468.69326
Explanation
Mortgage (PV) = $69,000
RATE = 5% ÷ 12 = 0.41666%
NPER = 25 × 12 = 300
Monthly payment (PMT) is computed using the equation given below:
Monthly payment = PMT (RATE, NPER, -PV, FV)
= PMT (0.41666%, 300, -$69000)
= $403.36
Monthly taxes = $545 ÷ 12 = $45.41666
Monthly insurance = $239 ÷ 12 = $19.91666
Total monthly payment = $403.36 + $45.41666 + $19.91666
= $468.69326
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