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

Manuel purchases a house and gets a 20
-year mortgage for $210,000
at 5%
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 $1000
per year and the property tax is $1300
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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