1. Business
  2. Accounting
  3. suppose you take out a 30year mortgage for a house...

Question: suppose you take out a 30year mortgage for a house...

Question details

Suppose you take out a 30-year mortgage for a house that costs $292710. Assume the following: The annual interest rate on the mortgage is 3.2%. . The bank requires a minimum down payment of 10% at the time of the loan The annual property tax is 2.2% of the cost of the house. The annual homeowners insurance is 1.1% of the cost of the house. There is no PMI · If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution