   Chapter 14.I, Problem 3TIE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Michael Veteramo purchased a home with a mortgage of $125.600 at 6.25 % for 20 years. The property taxes are$3,250 per year, and the hazard insurance premium is $765. What is the monthly PITI payment of Michael's loan? To determine To calculate: The monthly PITI payment of Monthly Loan when Home mortgage is given as$ 125, 600, rate of interest is 6.25% and the time period is 20 Years.

Explanation

Given Information:

The information given in the question is the Principal amount, rate of interest and the period. By using this, the monthly PITI amount is to be calculated.

Formula used:

Monthly PITI can be calculated by using the below formulae:

MonthlyTI=EstimatedPropertyTax+HazardInsurance12

PITI can be obtained by use the formula:

PITI=PI+TI

Calculation:

Consider the Amortization table 14.1, the factor for 6.25 for a period of 30 Years is 7.31 when we divide the Michael’s amount of 123,600 by 1000 we get 125.6. The Principal and Interest PI is

PI=125

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