Answer:
total amount is $1624.30
Step-by-step explanation:
given data
time = 25 year = 25 ×12 = 300 months
rate = 7.8 % = 0.078 = 0.078 / 12 = 0.0065 monthly
loan amount = $198000
property tax = $974
insurance premium = $493
to find out
total monthly payment for mortgage and property tax and fire insurance
solution
we will apply here formula that is
payment = .............1
put here all value
payment =
payment =
payment = 1502.056
so monthly payment is $1502.056 ............2
and monthly payment for property tax = 974 / 12 = $81.17 .............3
and monthly payment for fire insurance = 493 / 12 = 41.08 ............4
so
total amount = add equation 2 ,3 and 4
total amount = 1502.056 + 81.17 + 41.08
total amount = $1624.30