Refer to Narrative 14-1. Find the monthly PITI Payment for Weezer based on a mortgage of...
Refer to Narrative 14-1. Find the monthly PITI Payment for Weezer based on a mortgage of $96,000 at a rate of 7.5% for 20 years with annual property taxes and hazard insurance premium of $1,750 and $858
respectively.
| a. |
$974.75 |
|
| b. |
$1,059.59 |
|
| c. |
$849.92 |
|
| d. |
$991.09 |
Homework Answers
The correct answer is d. $991.09.
Supporting Calculations:
Monthly PITI = Monthly PI + Monthly TI
Monthly PI = (Amount financed/1,000) * (Table factor at interest rate 7.50% for 20 years)
= ($96,000/1,000) * 8.06 (as per the table factor)
= $96 * 8.06
= $773.76
Monthly TI = (Estimated Property Tax + Hazard Insurance)/12 months
= ($1,750 + $858)/12 months
= $2,608/12 months
= $217.33
Therefore, monthly PITI using the above formula $991.09 ($773.76 + $217.33).
Add Answer to:
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