Paul and Paula Jackson plan to buy a $750,000 home, paying 20% down and financing the balance

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Paul and Paula Jackson plan to buy a $750,000 home, paying 20% down and financing the balance at 7% for 15 years. The taxes are $9270 per year, with fire insurance costing $1,480 per year.

Find:

a. the monthly payment (PMT) given that they can afford to pay the taxes and fire insurance costs from their pockets.

b. find the monthly payment (PMT) if they have to add the taxes and fire insurance costs to their loan.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Oct 13, 2023 06:55 AM

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Paul and Paula Jackson plan to buy a $750,000 home, paying 20% down and financing the balance

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To find the monthly payment PMT for a mortgage you can use the formula for the monthly payment of a ... View the full answer

Income Tax Fundamentals 2013

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