Question

6. In many cases, lenders allow homeowners to include their homeowners insurance premium with their monthly mortgage payment. Tim’s home is worth $279,500. If his homeowners insurance premium is $0.33 per $100, how much is added to his monthly mortgage payment for insurance?

A.$7.69
B.$76.86
C.$92.35
D.$922.35-NOT THE CORRECT ANSWER

Answer 1

can confirm it is b on edge2020

Explanation:

Answer 2

B. $76.86

Explanation:

Step 1: Insurance premium is $0.33 per $100.

Step 2: In 279500, there are 2795 hundreds of dollar.

Step 3: find the premium.

2795*0.33 = 922.35

This is premium per year.

Step 4: There are 12 months in a year.

Therefore, his month mortgage payment = 922/35 = $76.86

Thank you.