Asked by dawn
A house is being purchased for $138,000.00. The 30-year mortgage has a 10% down payment, an interest rate of 4.875%, and a PMI payment of $25.88 each month for 77 months. The yearly taxes are $2400.00, and the insurance is $750.00 per year, which is to be placed into an escrow account.
What is the total cost of the loan? Round your answer to the nearest $100.00
What is the total cost of the loan? Round your answer to the nearest $100.00
Answers
Answered by
Reiny
Take a look at my solution here, it is the same question asked by Kenny
except that "PMI payment of $25.88 each month for 77 months" part.
https://www.jiskha.com/questions/1820036/suppose-the-bainters-purchase-the-150-000-00-home-with-a-20-down-payment-a-30-year
In that question at least there were answers supplied, but I would have the same
objection. "What is the total cost of the loan?" is not a valid question for these compound
interest questions.
except that "PMI payment of $25.88 each month for 77 months" part.
https://www.jiskha.com/questions/1820036/suppose-the-bainters-purchase-the-150-000-00-home-with-a-20-down-payment-a-30-year
In that question at least there were answers supplied, but I would have the same
objection. "What is the total cost of the loan?" is not a valid question for these compound
interest questions.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.