Narrative 14-1
For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, when necessary.
-Refer to Narrative in your text 14-1. Find the monthly PITI Payment for Weezer based on a mortgage of $96,000 at a rate of $7 \frac { 1 } { 2 } \%$ for 20 years with annual property taxes and hazard insurance premium of $1,750 and $858 respectively.

Question

Quizplus · Accepted Answer

The correct answer is A. $991.09. The monthly PITI payment is the sum of the principal and interest payment, the property taxes, and the hazard insurance premium. The principal and interest payment is $559.59, the property taxes are $145.83, and the hazard insurance premium is $71.50. Therefore, the monthly PITI payment is $991.09.

Narrative 14-1 for Problems in This Section, Use Table 14-1 712%7 \frac { 1 } { 2 } \%721​%

Narrative 14-1
for Problems in This Section, Use Table 14-1 $7 \frac { 1 } { 2 } \%$