You purchase a new house for 200000 with a 5 down payment, Ask an Expert

Economics

You purchase a new house for $200,000 with a 5% down payment. You obtain a 30-year loan at 5% compounded monthly and will make monthly payments on the loan. Closing costs are $1,500. PMI is $150 per month for the first 5 years. Taxes are estimated to be $1,800 per year. Insurance will be $1,500 per year.

What is your monthly payment for the first 5 years?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91671167

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