Question: Correct Oliver purchases a house and gets a 2 0 - year mortgage for $ 1 8 0 , 0 0 0 at 5 .

Correct

Oliver purchases a house and gets a

20 -

year mortgage for $

180, 000

5.25 %

APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $

1400

per year and the property tax is $

1500

per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.

Answer

Correct Oliver purchases a house and gets a 20-year mortgage for

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