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lana66690 [7]
3 years ago
5

) The real estate agent in your city advertises a house for $195,000 at 6.25 percent interest for 17 years. You are interested i

n learning more about your responsibilities if your family buys it. You learn that insurance will be $1,080 and taxes will be $1,252 per year. How much will your monthly payment be?
Business
1 answer:
Makovka662 [10]3 years ago
4 0

Answer:

The mortgage payment will be of $1,554.24

The total payment related to the house will ascend to $3,886.24

Explanation:

Mortgages payments:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 195,000

time 204 (17 years x 12 months per year)

rate 0.005208333 (0.0625 annual / 12 month per year)

195000 \div \frac{1-(1+0.0052083)^{-204} }{0.0052083} = C\\

C  $ 1,554.239

TO this payment ewe add the insurance and the taxes:

1,554.24 + 1,080 + 1,252 = 3,886.24‬

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