For questions 10-15: Imagine that you are purchasing a house for $110,000. The lender requires a minimum down payment of 5% of the purchase price. The closing costs are $2,050. The loan term is 30 years. The interest rate is 6%. Real estate taxes on the house are $1,200 per year. Homeowners insurance is $750 per year. You also have to pay for private mortgage insurance. For this example, it would likely cost 1% of the loan amount for at least the first 5 years of the loan or $87.08 per month.

How much is the total monthly payment (house payment) for the 30-year mortgage loan? (includes principle and interest, 1/12 real estate taxes, 1/12 homeowners insurance, and private mortgage insurance).

Group of answer choices

$726.53

$1,005.88

$903.72

$876.11