the annual insurance premium on marias home is $2,027 and the annual property tax is $1,411. if her monthly…

the annual insurance premium on marias home is $2,027 and the annual property tax is $1,411. if her monthly principal and interest payment is $1,646, find the adjusted monthly payment including principal, interest, taxes, and insurance (piti).\npiti = $4,511 (round to the nearest cent as needed)

the annual insurance premium on marias home is $2,027 and the annual property tax is $1,411. if her monthly principal and interest payment is $1,646, find the adjusted monthly payment including principal, interest, taxes, and insurance (piti).\npiti = $4,511 (round to the nearest cent as needed)

Answer

Explanation:

Step1: Calculate monthly insurance

First, find the monthly insurance by dividing the annual insurance premium by 12. The annual insurance premium is $2,027, so the monthly insurance $I=\frac{2027}{12}\approx168.92$.

Step2: Calculate monthly property - tax

Next, find the monthly property - tax by dividing the annual property - tax by 12. The annual property - tax is $1,411, so the monthly property - tax $T = \frac{1411}{12}\approx117.58$.

Step3: Calculate PITI

The monthly principal and interest payment $P = 1646$. The PITI (Principal, Interest, Taxes, and Insurance) is the sum of the monthly principal and interest, monthly insurance, and monthly property - tax. So, $PITI=P + I+T=1646+168.92 + 117.58=1932.5$.

Answer:

$1932.50$