The Patel family recently purchased a home taking out a mortgage of $235,000 at 83/4% for 25 years.?

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Theannual property taxes on tthe home are$ 6,345 and the Hazard insurance premium is $ 1,479. What is the PITI payment of their loan
A $ 2,729.40 B $ 2,586.05 C $ 1,849.45 D $ 652.00

  1. Reply
    September 1, 2011 at 9:54 pm

    there is none anymore because they could not afford it and the house went into forclosure…

  2. Reply
    September 1, 2011 at 9:56 pm

    Isn’t that from the State License test for mortgage originators? You probably shouldn’t cheat on that test, you know.

  3. Reply
    September 1, 2011 at 10:49 pm

    By my calculations, the answer is $ 2,584.04, so it looks like “B” is the correct answer.

    You should invest in a mortgage calculator. Mine is made by Calculated Industries. The model is the Qualifier Plus III FX.

    Good luck!

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