Question

Calculate this mortgage payment. Principal Per Month $1010 Interest Per Month $156 Property Tax Per Year 1% of the value of the house ($140,000) Home Insurance Per Year $520 PMI Per Month $0.

Answer 1

Answer: The mortgage loan is a loan taken for buying a property such as house.

Step-by-step explanation:

M=P r(1+r)^n/(1+r)^n-1

M=mortgage

P=principal

r=rate

n=no of year

PMT function

156/12

=13%

13/100

=0.13

M=1010 0.13(1+0.13)^12/(1+0.13)^12-1

M=1010 0.13(4.3345)/(4.3345)-1

M=1010 0.13(4.3345)/3.3345

M =1010 0.13*4.3345/3.3345

M=1010 0.563485/3.3345

M=1010*0.168986

M=170.675

M=170.68

M=$170.68

Property tax per year =1% of $140,000

=1/100*140,000

=$1400

Home insurance per year=$520

Mortgage payment =$170.68+$1400+$520

=$2090.68

Answer 2

The answer to the following question:

Calculate this mortgage payment. Principal Per Month $1010 Interest Per Month $156 Property Tax Per Year 1% of the value of the house ($140,000) Home Insurance Per Year $520 PMI Per Month $0.

is:

$1,177.66