he monthly mortgage payment on a house is $824.36, and the homeowner must pay an annual property tax of $930. Find the total monthly payment for the mortgage and the property tax.

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.