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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 168
Find the total monthly payment, including taxes and insurance, for the following loans.
Round to the nearest cent. (See Example.)
Finding the Total Monthly Payment
The Campbell family borrowed $322,450 for 25 years at 5% to purchase a home with 5 acres for the two horses they own. Annual insurance and taxes on the property are $940 and $7382, respectively. Find the total monthly payment.
SOLUTION
Use the real estate amortization table to find a factor of $5.85. Add monthly insurance and taxes to the monthly payment to find the total payment.
Round to the nearest cent. (See Example.)
Finding the Total Monthly Payment
The Campbell family borrowed $322,450 for 25 years at 5% to purchase a home with 5 acres for the two horses they own. Annual insurance and taxes on the property are $940 and $7382, respectively. Find the total monthly payment.
SOLUTION
Use the real estate amortization table to find a factor of $5.85. Add monthly insurance and taxes to the monthly payment to find the total payment.
Explanation
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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