PLEASE HELP ME

Using homeowners insurance of $1012 per year, property taxes 1.1% per year, and the annual 1% of the home's purchase price for maintenance, what is the true cost of a $96,000 home with a 30 year mortgage payment of $545.08 per month?

A. $301,012.43

B. $225,907.80

C. $287,068.80

D. $299,007.45

Question

05-01-2020
Mathematics

contestada

PLEASE HELP ME

Using homeowners insurance of $1012 per year, property taxes 1.1% per year, and the annual 1% of the home's purchase price for maintenance, what is the true cost of a $96,000 home with a 30 year mortgage payment of $545.08 per month?

A. $301,012.43

B. $225,907.80

C. $287,068.80

D. $299,007.45

Respuesta :

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jchisholm06 jchisholm06 · Answer 1 · 2020-01-05T08:13:54+01:00

So here’s my opinion that could totally be wrong. Let’s break this problem down step by step:
1012x30 = 30,360
1.1% = 1056x30 = 31,680
1% = 960x30= 28,800
545.08x360 =196,228.8
Total = 287,068.8
Answer C
(As a tip when they give a true cost of the house and then a mortgage amount it’s probably always better to go with the mortgage amount because that has the interest and other costs that you need factored into it.) Best of luck!

-Jake