Suppose you take out a 30-year mortgage for a house that costs $440,476. Assume the following
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Question:
• The annual interest rate on the mortgage is 3.9%.
• The bank requires a minimum down payment of 15% at the time of the loan.
• The annual property tax is 2.4% of the cost of the house.• The annual homeowner's insurance is 1.3% of the cost of the house.
• There is no PMI
If you make the minimum down payment, what will your monthly PITI be?
Round your answer to the nearest dollar.
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