Math  /  Algebra

QuestionManuel purchases a house and gets a 30 -year mortgage for $150,000\$ 150,000 at 5.25%5.25 \% APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $900\$ 900 per year and the property tax is $1700\$ 1700 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.
Formulas
Regular Payment for Fixed Installment Loans  PMT =(Prn)[1(1+rn)nt]R=log[1rn(A PMT )]log(1+rn)\begin{array}{l} \text { PMT }=\frac{\left(P \cdot \frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]} \\ R=\frac{-\log \left[1-\frac{r}{n}\left(\frac{A}{\text { PMT }}\right)\right]}{\log \left(1+\frac{r}{n}\right)} \end{array}  Number of Fixed Payments  Required to Pay Off Credit Card  Debt \begin{array}{l} \text { Number of Fixed Payments } \\ \text { Required to Pay Off Credit Card } \\ \text { Debt } \end{array}

Studdy Solution
Manuel's total monthly payment to the lender is approximately $1042.51\$1042.51.

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