Question

9) Brady has a mortgage with North End Bank The bank requires that he pay his homeowner's insurance property

taxes, and mortgage in one monthly payment. His monthly mortgage payment is $1,328, his semi-annual property
tax bill is $2,987, and his quarterly homeowner's insurance bill is $334. How much does Brady pay North End Bank
each month?

Answer 1

Explanation:

The semi-annual property tax bill is $2,987 and since it is semi-annual, he pays $2,987/2 = $1,493.5 each quarter.

So, each quarter he pays $1,493.5 + $334 = $1,827.5 for property taxes and homeowner's insurance.

And, each month he pays $1,827.5/3 = $609.17 for both property taxes and homeowner's insurance.

So, the total monthly payment he pays to North End Bank is $1,328 + $609.17 = $1,937.17.