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neonofarm [45]
3 years ago
11

Rebecca is purchasing a house for $210,000, with a 15-year fixed-rate mortgage at 4.5% interest. She has made a 5% down payment.

The house is valued at $198,000, and the local tax rate is 4.5%. Her homeowners insurance is $840 per year. What are her total monthly payments?
A. $2437.20
B. $2520.09
C. $2630.20
D. $2381.89
Mathematics
2 answers:
PIT_PIT [208]3 years ago
8 0

Solution:

Cost of the house with a 15-year fixed-rate mortgage at 4.5% interest= $ 210,000

Actual cost of house = $ 198,000

Down payment made by Rebecca

=5 % of $ 198,000

=\frac{5}{100} \times 198,000\\\\ = 5 \times 1980=9900$

Local tax paid by Rebecca = 4.5 % of $ 198,000

=\frac{4.5}{100} \times 198,000\\\\ =4.5 \times 1980=8910$

Homeowners insurance per year made by Rebecca= $ 840

Total interest paid = $ 210,000 - $ 198,000

                 = $ 12,000

She will pay this money in 15-years at fixed-rate mortgage of 4.5% interest.

Money that Rebecca will pay at the end of each year

=\frac{12,000}{15}\\\\ = 800

Mortgage rate = (4.5 % of 198,000) Per yearly

=\frac{4.5}{100} \times 198,000\\\\ =4.5 \times 1980=8910$ yearly

Total money that Rebecca has to pay after each passing year = 9,900+8,910+840+800+8910=$ 29,360

Amount that Rebecca has to pay monthly=

             =\frac{29360}{12}\\\\ =2446.66$

Option (A)  $2437.20 appears appropriate.


levacccp [35]3 years ago
7 0
I think the answer c
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