Ben and Carla Manchester plan to buy a condominium. They will obtain a $166,000, 30- year mortgage at 6.0 percent. Their annual property taxes are expected to be $2,628. Property insurance is $696 a year, and the condo association fee is $100 a month. Based on these items, determine the total monthly housing payment for the Manchesters. Use Exhibit 9-9. (Do not round intermediate calculations. Round time- value factor to 2 decimal places and final answer to the nearest whole dollar.) Total monthly housing payment
Ben and Carla Manchester plan to buy a condominium. They will obtain a $166,000, 30- year mortgage at 6.0 percent. Their annual property taxes are expected to be $2,628. Property insurance is $696 a year, and the condo association fee is $100 a month. Based on these items, determine the total monthly housing payment for the Manchesters. Use Exhibit 9-9. (Do not round intermediate calculations. Round time- value factor to 2 decimal places and final answer to the nearest whole dollar.) Total monthly housing payment
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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