Megan and Steve have found a home they want to purchase.The selling price is $320,000.They will put 20% down and get a 30 year,6% APR,monthly payment mortgage.Insurance is $1,800 per year and taxes are $3,000 per year.What is their monthly PITI?
A)$1,534.85
B)$1,684.85
C)$1,934.85
D)$1,784.85

Question

Quizplus · Accepted Answer

To calculate the monthly PITI (Principal, Interest, Taxes, and Insurance), first calculate the loan amount: $320,000 - 20% = $256,000. The monthly mortgage payment for a 30-year loan at 6% APR is approximately $1,534.85. Add monthly taxes ($3,000/12 = $250) and insurance ($1,800/12 = $150) to get $1,934.85.

Megan and Steve Have Found a Home They Want to Purchase.The