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Brad and Sam take a 30-year mortgage for a house that costs $240,222. Assume the following: The annual interest rate on the mortgage is 3.4%.
Brad and Sam take a 30-year mortgage for a house that costs $240,222. Assume the following:
- The annual interest rate on the mortgage is 3.4%.
- The bank requires a minimum down payment of 15% of the cost of the house.
- The annual property tax is 2% of the cost of the house.
- The annual homeowner's insurance is $637.
- There is no PMI.
If they make the minimum down payment, what will their monthly PITI be?
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