Question

The monthly mortgage payment for a home is $812.50. The annual property tax is $3,800. Find the total monthly payment for the mortgage and property tax.

Answer 1

$1129.17.

Explanation:

We have been given that the monthly mortgage payment for a home is $812.50. The annual property tax is $3,800.

Let us find the monthly property tax by dividing $3800 by 12.

`\text{Monthly property tax}=(\$3800)/(12)`

`\text{Monthly property tax}=\$316.6666\approx \$316.67`

Therefore, the monthly property tax will be $316.67.

Let us add the monthly property tax to monthly mortgage payment to find the total monthly payment.

`\text{Total monthly payment}=\$812.50+\$316.67`

`\text{Total monthly payment}=\$1129.17`

Therefore, the total monthly payment for the mortgage and property tax will be $1129.17.