Question: Manuel purchases a house and gets a 2 0 - year mortgage for $ 1 8 5 , 0 0 0 at 3 . 7

Manuel

purchases a house and gets a

20 -

year mortgage for

185, 000

3.75 %

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

1300

per year and the property tax is

2100

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

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