The annual insurance premium on Maria Snyder's house is $2,074 and the annual property tax is $1,403. If her monthly principal and interest payment is $1,603, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI).
(2074 + 1403) / 12 = x
x + 1603 = ________ monthly payment
$1,892.75
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To find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI), we need to add the property tax and insurance premium to the principal and interest payment.
First, let's calculate the annual property tax and insurance premium combined:
Annual property tax + Annual insurance premium = $1,403 + $2,074 = $3,477
To find the monthly payment, we divide the annual payment by 12 (since there are 12 months in a year):
Monthly payment = $3,477 / 12 = $289.75
Now, we can calculate the adjusted monthly payment including PITI by adding this amount to the principal and interest payment:
Adjusted monthly payment = Principal and interest payment + Monthly property tax and insurance payment
Adjusted monthly payment = $1,603 + $289.75
Adjusted monthly payment = $1,892.75
Therefore, the adjusted monthly payment including principal, interest, taxes, and insurance (PITI) is $1,892.75.