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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asked by lexy
  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
  2. For your question:
    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
  3. Sorry about that. I miscalculated. For your question:
    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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