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