Shane is paying $0.40 per $100 on his $455,000 home in homeowners’ insurance annually. If his annual homeowners’ insurance premi

Question

2 years ago

12

Shane is paying $0.40 per $100 on his $455,000 home in homeowners’ insurance annually. If his annual homeowners’ insurance premi

um is divided into twelve equal monthly payments to be included on each of his monthly mortgage payments of $2325.00, what is his total monthly payment

Mathematics

1 answer:

balu736 [363] · Answer 1 · 2022-04-14T00:22:46+03:00

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