Property List Price: $$225,000$

Estimated Annual Property Taxes: $$4,016$

Term of Mortgage Loan: $15$ years

Annual Fixed$-$Interest Rate: $6\mathrm{.}625\%$

Property Calculations:

$1.$ Find the Monthly Mortgage Payment $($Principal and Interest Only$).$ Assume a $20\%$ down payment. The work for the calculations must be shown.

$2.$ Find the Adjusted Monthly Mortgage Payment $($PITI$).$ Assume an insurance payment of $$920\mathrm{.}00$ per year. The work for the calculations must be shown.

$*$use image as referenceCalculate the Monthly Mortgage Payment $($Principal and interest Only$),$ assuming a $20\%$ down payment for $15-$years using the monthly mortgage payment formula:

Calculate the Adjusted Monthly Mortgage Payment $($PITI$),$ using the annual property tax information from the property search, and assuming an insurance payment of $$920\mathrm{.}00$ per