Question: Manuel purchases a house and gets a 3 0 - year mortgage for $ 1 8 5 , 0 0 0 at 4 % APR.

Manuel purchases a house and gets a

30 -

year mortgage for $

185, 000

4 %

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 $

2000

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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