Homework Answers
1st Method-
present value of annuity = P*[(1-(1+i)^-(n-1)/i]
Where P - Periodic payment (?)
i - rate of interest (8% per annum)
n - No. of periodic payment(15 Years)
present value of annuity = 90000
90000 = P*[(1 - (1+0.08/12)^-(180-1)/(0.08/12)]
90000*0.08/12 = P*[1 - (1+0.08/12)^-(179)]
600 = P*[1 - 0.304412]
P = 600/0.695588
= 862.5796 or 862.58
Monthly PITI payment = Mortgage payment + Property tax + hazard insurance
= 862.58 + 1700/12 + 724/12
= 862.58 + 141.67 + 60.33
= 1064.58
2nd Method
PVIFA(8/12%,180Months) = 104.6406
Monthly PITI payment for a mortgage = 90000/104.6406
= 860.087 (Due to rounding of error)
Now monthly annual property tax & hazard insurance = (1700 + 724)/12
= 2424/12
= $ 202
so Monthly PITI payment = payment for mortgage + property tax & hazard insurance
= 860.087 + 202
= $ 1062.087
Please check with your answer and let me know.
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