Question 1193419: Find the monthly PITI payment for a mortgage of $196,000 at a rate of 6.5% for 25 years with annual property taxes and hazard insurance premium of $4,850 and $1084 respectively.
Answer by amarjeeth123(569)   (Show Source):
You can put this solution on YOUR website! The monthly PITI payment for the mortgage of 196,000atarateof6.5 4,850 and 1,084respectivelyis 1,341.60.
How to calculate the amount
We need to use the following formula:
PMT = (Pr(1+r)^n)/((1+r)^n-1) + T + I
Where:
PMT is the monthly payment
Using this formula, we can calculate the monthly PITI payment for the given mortgage as follows:
P = 196,000
r = 6.5% / 12 = 0.00541667
n = 25 * 12 = 300
T = 4,850 / 12 = 404.17
I = 1,084 / 12 = 90.33
PMT = (1960000.00541667(1+0.00541667)^300)/((1+0.00541667)^300-1) + 404.17 + 90.33
PMT = 1,341.6
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