A couple finances a house valued at $150,000. The monthly principal and interest payment has been determined to be $599.32. Taxes on the property are estimated to be $621 per year. Insurance on the property is projected to cost $685 per year.
The monthly PITI payment is:
No wonder you're confused. You've having an identity crisis -- posting 12 math problems in a row with several different user names.
actually sorry this is 1 of 2 questions I have posted in 3 days... thanks tho for the comment... you alright?
You have posted the same question at least 6-7 times within 3 minutes. The duplicates had been deleted.
To determine the monthly PITI (Principal, Interest, Taxes, and Insurance) payment, we need to calculate the total cost of taxes and insurance on a monthly basis and add it to the monthly principal and interest payment.
First, let's calculate the monthly cost of taxes. The annual property tax is estimated to be $621. To convert this to a monthly cost, divide it by 12:
Monthly property tax = $621 / 12 = $51.75
Next, let's calculate the monthly cost of insurance. The annual insurance cost is projected to be $685. Again, divide it by 12 to convert it to a monthly cost:
Monthly insurance cost = $685 / 12 = $57.08
Now, add the monthly principal and interest payment, the monthly tax, and the monthly insurance cost to calculate the monthly PITI payment:
Monthly PITI payment = Monthly principal and interest payment + Monthly property tax + Monthly insurance cost
= $599.32 + $51.75 + $57.08
= $708.15
Therefore, the monthly PITI payment for this couple's house is $708.15.