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Category > Accounting Posted 12 Jun 2017 My Price 5.00

Rick Rueta purchased a $76,000 home at 7.5% for 30 years with a down payment

Rick Rueta purchased a $76,000 home at 7.5% for 30 years with a down payment of $25,000. His annual real estate tax is $1,680 along with an annual insurance premium of $840. Rick’s bank requires that his monthly payment include an escrow deposit for the tax and insurance. What is the total payment each month for Rick?

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Alpha Geek
(8)
Status NEW Posted 12 Jun 2017 07:06 AM My Price 5.00

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file 1497252091-594843_1_Mortgage-Payment.docx preview (153 words )
Q-----------ues-----------tio-----------n; ----------- Ri-----------ck -----------Rue-----------ta -----------pur-----------cha-----------sed----------- a -----------$76-----------,00-----------0 h-----------ome----------- at----------- 7.-----------5% -----------for----------- 30----------- ye-----------ars----------- wi-----------th -----------a d-----------own----------- pa-----------yme-----------nt -----------of -----------$25-----------,00-----------0. -----------His----------- an-----------nua-----------l r-----------eal----------- es-----------tat-----------e t-----------ax -----------is -----------$1,-----------680----------- al-----------ong----------- wi-----------th -----------an -----------ann-----------ual----------- in-----------sur-----------anc-----------e p-----------rem-----------ium----------- of----------- $8-----------40.----------- Ri-----------ckâ-----------€™s----------- ba-----------nk -----------req-----------uir-----------es -----------tha-----------t h-----------is -----------mon-----------thl-----------y p-----------aym-----------ent----------- in-----------clu-----------de -----------an -----------esc-----------row----------- de-----------pos-----------it -----------for----------- th-----------e t-----------ax -----------and----------- in-----------sur-----------anc-----------e. -----------Wha-----------t i-----------s t-----------he -----------tot-----------al -----------pay-----------men-----------t e-----------ach----------- mo-----------nth----------- fo-----------r R-----------ick-----------? -----------Sol-----------uti-----------on:----------- P-----------ric-----------e o-----------f h-----------ome----------- $Â----------- Â ----------- Â-----------  7-----------6,0-----------00 ----------- Do-----------wn -----------pay-----------men-----------t $----------- Â----------- Â -----------  -----------25,-----------000----------- L-----------oan----------- on----------- ho-----------me -----------= p-----------ric-----------e o-----------f
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