Answer:
$2,476.67
Step-by-step explanation:
Data provided in the question:
Annual insurance amount paid = $0.40 per $100 on his $455,000 home
Monthly mortgage payments = $2325.00
Now,
Annual insurance amount = [ $0.40 ÷ $100 ] × $455,000
= $1,820
Therefore,
Monthly insurance amount = [ Annual insurance amount ] ÷ 12
= $1,820 ÷ 12
= $151.67
Therefore,
His total monthly payment
= Monthly mortgage payments + Monthly insurance amount
= $2325.00 + $151.67
= $2,476.67
