Question: Suppose a borrower takes out a $ 4 5 5 , 0 0 0 , 1 5 - year mortgage with a fixed annual interest

Suppose a borrower takes out a $455,000,15-year mortgage with a fixed annual interest rate of 6.50%. In addition to monthly payments of principal and interest, the lender will also require the borrower pay 0.7% PMI monthly. The lender will also require the borrower to pay escrow taxes and insurance by making escrow payments. The property taxes are $6,000, insurance is $4,000. What is the amount of the borrower's total monthly payment to the lender?

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