# math math :(

A couple finances a house valued at \$125,000. They make a \$20,000 down payment and finance the remainder for 30 years at 6.8%. 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:

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1. balance to be mortgaged = 125000-20000 = 105000
let the monthly mortgage payment be x

x (1 - 1.005666667^-360)/.005666667 = 105000

i got x = \$684.52
divide each of the insurance and taxes by 12 and add to the mortgage payment.

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posted by Reiny
x=[150000(.005666667)(1.00566666667)^360]/[(1.00566666667)^360 -1]
x=977.88778 as the mortgage payment. Then add 1/12(621+685)=108.83333, and you have \$1086.72 as the total monthly payment.

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posted by un
x=[105000(.005666667)(1.00566666667)^360]/[(1.00566666667)^360 -1]
x=684.521 as the mortgage payment. Then add 1/12(621+685)=108.83333, and you have \$793.35 as the total monthly payment.

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posted by un

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