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The McQuires pay a monthly mortgage payment of $938. They also pay a semi-annual property tax bill of $3,298 and semi-annual homeowners insurance of $840. The property tax and insurance are paid monthly into an escrow account to their lender. What is their monthly payment or their lender ?

Respuesta :

keyshawnphillip

Semi-annual means twice per year. Divide 3298 by 6 to find out how much you are paying per month. Same with the insurance. 
3298/6 = 549.67 
840/6 = 140 

140 + 549.67 + 938 = $1627.67
ajeigbeibraheem

The monthly payment on the mortgage is $1627.67

What is the monthly payment on a mortgage?

The monthly payment on a mortgage is the amount paid together with the tax and insurance applied to the mortgage.

From the given information:

  • The principal amount paid for the mortgage monthly = $938
  • The semi-annual property tax = $3298/6 = $549.67
  • The semi-annual insurance = $840/6 = $140

Thus, the total amount paid monthly for the mortgage = $938 + $1649 + $420

= $938 + $549.67 + $140

= $1627.67

Learn more about calculating mortgage payments here:

https://brainly.com/question/22846480

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