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. Tanyarita has a mortgage of $67,500 at $8 \frac { 1 } { 2 } \%$ for 20 years. The property taxes are $2,900 semiannually, and the hazard insurance premium is $150 quarterly. Find the monthly taxes and insurance payment.

Question

Quizplus · Accepted Answer

To find the monthly taxes and insurance payment, calculate the monthly cost of property taxes and hazard insurance. Property taxes are $2,900 semiannually, so monthly taxes are $2,900 / 6 = $483.33. Hazard insurance is $150 quarterly, so monthly insurance is $150 / 3 = $50. The total monthly payment is $483.33 + $50 = $533.33.

Narrative 14-1 for Problems in This Section, Use Table 14-1 812%8 \frac { 1 } { 2 } \%821​%

Narrative 14-1
for Problems in This Section, Use Table 14-1 $8 \frac { 1 } { 2 } \%$