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annual interest rate

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Question

Suppose you take out a 30-year mortgage for a house that costs $402228. Assume the following:The

annual interest rate on the mortgage is 4.2%.The bank requires a minimum down payment of 14% at the time of the loan.The annual property tax is 1.6% of the cost of the house.The annual homeowner’s insurance is 1% of the cost of the house.There is no PMI

If you make the minimum down payment, what will your monthly PITI be?

 
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