Question

Angelina Jolie decides to purchase a home. After the downpayment, she takes out a 30 year mortgage for 3,100,000 with an APR of 3.5%. The monthly taxes on this property are $6450 and the monthly home owners insurance is $1000. Calculate the total amount that will be on the bill each month

Answer 1

The total amount on the bill each month for Angelina Jolie's home purchase will be $21,369.41, which includes the mortgage payment, monthly taxes, and homeowners insurance.

Step-by-step explanation:

To calculate the total monthly bill for Angelina Jolie's home, we need to consider the mortgage amount, taxes, and homeowners insurance.

First, let's calculate the monthly mortgage payment using the loan amount, mortgage term, and APR.

• Loan Amount: $3,100,000
• Mortgage Term: 30 years (360 months)
• APR: 3.5%

Using the loan payment formula, the monthly mortgage payment will be $13,919.41.

Next, we add the monthly taxes ($6,450) and the monthly home insurance ($1,000) to find the total monthly bill:

Total monthly bill = Monthly mortgage payment + Monthly taxes + Monthly insurance

Total monthly bill = $13,919.41 + $6,450 + $1,000 = $21,369.41

Therefore, the total amount on the bill each month will be $21,369.41.