## Related questions with answers

Question

The bank requires that the Dotkoms pay their homeowner's insurance, property taxes, and mortgage in one monthly payment to the bank. If their monthly mortgage payment is $1,711.22, their semi-annual property tax bill is$3,239, and their annual homeowner's insurance bill is $980, how much do they pay the bank each month?

Solution

VerifiedStep 1

1 of 3$\$3,239 \div 6 = \$539.83$

$\$980\div 12=\$81.67$

The monthly payment is the periodic payment divided by the number of payments per period.

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