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The Jacksons pay a monthly mortgage payment of $938. They also pay a semi-annual property tax bill of $3,298 and an annual homeowner’s insurance of $840. The property tax and insurance are paid monthly into an escrow account to their lender. What is their monthly payment including all three bills? Round to the penny.

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sqdancefan

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Answer:

  $1,557.67

Step-by-step explanation:

The monthly amount of the semi-annual tax bill is ...

  $3,298/6 = 549.67

The monthly amount of the annual insurance bill is ...

  $840/12 = $70

Then the total of the amount paid to the lender is ...

  $938 +549.67 +70 = $1,557.67 . . . monthly payment

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