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Miguel and Sofia are buying a condominium valued at $168, 500. They will finance their home at 6.75% interest for 20 years. If their total monthly payment is $1,554.35 and their annual
surance costs $898, calculate the annual property taxes for their condos

Answer 1

To calculate the annual property taxes for Miguel and Sofia's condo, we first need to find the monthly property tax payment.

We can start by subtracting the annual insurance cost from the total monthly payment:

$1,554.35 - $898 = $656.35 (this is the monthly payment for both the principal and interest)

Next, we need to determine the number of monthly payments over the course of 20 years:

20 years * 12 months/year = 240 months

To find the monthly property tax payment, we divide the monthly payment by the number of months:

$656.35 / 240 = $2.735625 (approximately)

Now, to calculate the annual property tax, we multiply the monthly property tax payment by 12:

$2.735625 * 12 = $32.83 (approximately)

Therefore, the annual property taxes for their condo is approximately $32.83.

I hoped this helped <333