Question
Brad and Sam take a 30-year mortgage for a house that costs $276,234. Assume the following: The annual interest rate on the mortgage is 4.7%.
Brad and Sam take a 30-year mortgage for a house that costs $276,234. Assume the following:
The annual interest rate on the mortgage is 4.7%.
The bank requires a minimum down payment of 11% of the cost of the house.
The annual property tax is 1.5% of the cost of the house.
The annual homeowner's insurance is $872.
There is no PMI.
If they make the minimum down payment, what will their monthly PITI be?
Round your answer to the nearest dollar.
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The Wealthtech Book The FinTech Handbook For Investors Entrepreneurs And Finance Visionaries
Authors: Susanne Chishti, Thomas Puschmann
1st Edition
1119362156, 978-1119362159
