Question

The Jacksons pay a monthly mortgage payment of $938. They also pay a semi-annual property tax bill of $3,298 and an annual homeowner’s insurance of $840. The property tax and insurance are paid monthly into an escrow account to their lender. What is their monthly payment including all three bills? Round to the penny.

Answer 1

9514 1404 393

Answer:

$1,557.67

Explanation:

The monthly amount of the semi-annual tax bill is ...

$3,298/6 = 549.67

The monthly amount of the annual insurance bill is ...

$840/12 = $70

Then the total of the amount paid to the lender is ...

$938 +549.67 +70 = $1,557.67 . . . monthly payment