Question

Susan is paying $0.30 per $100 on her $483,000 home in homeowners insurance annually. If her annual homeowners insurance premium is divided into twelve equal monthly installments to be included on each of her monthly mortgage payments of $2,128.00, what is her total monthly payment?

Answer 1

Explanation:

485'228.3

Answer 2

$2248.75

Explanation:

Susan's monthly payment is ...

total payment = loan payment + insurance payment

= $2128.00 + (483,000×0.30/100)/12

= $2128.00 + 1449/12

= $2128.00 + 120.75

= $2248.75