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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?

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$3,239÷6=$539.83\$3,239 \div 6 = \$539.83

$980÷12=$81.67\$980\div 12=\$81.67

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

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