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Brad and Sam take a 30-year mortgage for a house that costs $103570. Assume the following:...

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Advance Math

Brad and Sam take a 30-year mortgage for a house that costs$103570. Assume the following: The annual interest rate on themortgage is 4.3%. The bank requires a minimum down payment of 20%of the cost of the house. The annual property tax is 1.6% of thecost of the house. The annual homeowner's insurance is $674. Thereis no PMI. If they make the minimum down payment, what will theirmonthly PITI be? Round your answer to the nearest dollar.

Answer & Explanation Solved by verified expert
4.3 Ratings (758 Votes)
cost of the house is 103570a down payment DP is 20 of the costthe minimum down paymentso loan    See Answer
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