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) The real estate agent in your city advertises a house for $195,000 at 6.25 percent interest for 17 years. You are interested in learning more about your responsibilities if your family buys it. You learn that insurance will be $1,080 and taxes will be $1,252 per year. How much will your monthly payment be?

Respuesta :

TomShelby

Answer:

The mortgage payment will be of $1,554.24

The total payment related to the house will ascend to $3,886.24

Explanation:

Mortgages payments:

[tex]PV \div \frac{1-(1+r)^{-time} }{rate} = C\\[/tex]

PV 195,000

time 204 (17 years x 12 months per year)

rate 0.005208333 (0.0625 annual / 12 month per year)

[tex]195000 \div \frac{1-(1+0.0052083)^{-204} }{0.0052083} = C\\[/tex]

C  $ 1,554.239

TO this payment ewe add the insurance and the taxes:

1,554.24 + 1,080 + 1,252 = 3,886.24‬

Tax is considered as a type of compulsory contribution to the state’s revenue, levied by the government on the workers' income and business profits, or added to the cost of some goods, services, and transactions.

Given Information:

  • PV=$195,000  
  • Time= 204 (17 years x 12 months per year)  
  • Rate= 0.005208333 (0.0625 annual / 12 month per year)
  • Taxes=$1,252
  • Insurance=$1,080

[tex]=PV/\frac{1-(1+r)^{-time} }{rate} =C\\=195,000/\frac{1-(1+0.0052083)^{-204} }{0.0052083} =C[/tex]

C=$ 1,554.239

To this payment, add the insurance and the taxes:

=1,554.24 + 1,080 + 1,252 = $3,886.24‬

Thus, The mortgage payment will be of $1,554.24

The total payment related to the house will ascend to $3,886.24

Learn more about Mortgage, refer to the link:

https://brainly.com/question/8084409

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