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atroni [7]
3 years ago
8

Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 20-year mortgage at 5.0 percent. Their annual pr

operty taxes are expected to be $1,550. Property insurance is $630 a year, and the condo association fee is $250 a month. Based on these items, determine the total monthly housing payment for the Covingtons
Business
2 answers:
saul85 [17]3 years ago
7 0

Answer: $1942.98

Explanation:

GIVEN THE FOLLOWING ;

20years mortgage at 5%=$229,000

Annual property tax = $1,550

Annual property insurance = $630

Monthly association fee = $250

Total Monthly Housing payment can be calculated by

Equated Monthly Installment(EMI) on mortgage at 5% :

[PV ÷ (1-(1-rate)^-n)÷n]

Period(n) = 12×20 = 240

PV = $229,000

Rate(r) = 0.05 / 12 = 0.0041667

EMI = $1,511.31

Monthly property tax =$1550/12 = $129.16

Monthly property insurance = $630/12 = $52.5

Monthly association fee = $250

Total Monthly payment = $(1511.31 + 129.17 + 52.5 + 250) = $479.38

The Covington's Monthly payment is $1942.98

Alla [95]3 years ago
4 0

Answer:

$1,943.06

Explanation:

Monthly mortgage payment: $6.6 X $229 = $1,511.4

Monthly property taxes: $1,550/12 = $129.16

Monthly property insurance: $630/12 =$52.5

Monthly association fee: $250

Total monthly housing payment: $1,943.06

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3 years ago
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The speech that was given by Eisenhower in 1953 was called "The Change of Peace." He states in this speech that if there is a danger that exists anywhere in the world, then it is shared by all the people. He goes on state that hope should be equally shared by all the people. He then speaks about atomic warfare and atomic bombs and how the U.S and Russia knows the secrets to atomic bombs.

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You have a portfolio that consists of equal amounts of IBM stock and Treasury bills. If you replace one-third of Treasury bills
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Answer: increase

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