Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following: The annual interest rate on the mortgage is 4.8%. The bank requires a minimum down payment of 20% of the cost of the house. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is $524. There is no PMI. If they make the minimum down payment, what will their monthly PITI be?
Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following: The annual interest rate on the mortgage is 4.8%. The bank requires a minimum down payment of 20% of the cost of the house. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is $524. There is no PMI. If they make the minimum down payment, what will their monthly PITI be?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Brad and Sam take a 30-year mortgage for a house that costs $126,601. Assume the following:
The annual interest rate on the mortgage is 4.8%.
The bank requires a minimum down payment of 20% of the cost of the house.
The annual property tax is 1.8% of the cost of the house.
The annual homeowner's insurance is $524.
There is no PMI.
If they make the minimum down payment, what will their monthly PITI be?
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