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Calculate the monthly mortgage payment.

\begin{tabular}{|l|l|}
\hline Principal Per Month & [tex]$\$[/tex] 1010$ \\
\hline Interest Per Month & [tex]$\$[/tex] 156$ \\
\hline Property Tax Per Year & [tex]$1 \%$[/tex] of the value of the house [tex]$(\$[/tex] 140,000)$ \\
\hline Home Insurance Per Year & [tex]$\$[/tex] 520$ \\
\hline Miscellaneous Fees Per Month & [tex]$\$[/tex] 0$ \\
\hline
\end{tabular}

A. [tex]$\$[/tex] 1,166$
B. [tex]$\$[/tex] 1,177.66$
C. [tex]$\$[/tex] 1,326$
D. [tex]$\$[/tex] 1,209.33$



Answer :

GinnyAnswer
To calculate the total monthly mortgage payment, follow these steps:

1. Identify and list the given details:
- Principal Per Month: $1010
- Interest Per Month: $156
- Property Tax Rate Per Year: \(1\%\) of the value of the house
- Value of the House: $140,000
- Home Insurance Per Year: $520

2. Calculate the monthly property tax:
The property tax per year is \(1\%\) of $140,000:
[tex]\[ \text{Annual Property Tax} = 0.01 \times 140,000 = 1400 \][/tex]
To get the monthly property tax:
[tex]\[ \text{Monthly Property Tax} = \frac{1400}{12} \approx 116.67 \][/tex]

3. Calculate the monthly home insurance cost:
The home insurance per year is $520.
To get the monthly home insurance:
[tex]\[ \text{Monthly Home Insurance} = \frac{520}{12} \approx 43.33 \][/tex]

4. Sum up all monthly costs:
Now, add the Principal Per Month, Interest Per Month, monthly Property Tax, and monthly Home Insurance:
[tex]\[ \text{Total Monthly Payment} = 1010 + 156 + 116.67 + 43.33 = 1326 \][/tex]

Therefore, the total monthly mortgage payment is:
[tex]\[ \$1,326 \][/tex]

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