Find the total monthly payment, including taxes and insurance, for the following loan. Amount of Loan Interest Rate $149,300 Term of Loan 512% 25 years (Simplify your answer. Round to the nearest cent as needed.) Annual Taxes $2840 Annual Insurance $655 Monthly Payment $___

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...
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Find the total monthly payment, including taxes and insurance, for the following loan.
Term of Loan
Amount of Loan
Interest Rate
$149,300
25 years
(Simplify your answer. Round to the nearest cent as needed.)
Annual Taxes
512%
$2840
Annual Insurance
$655
Monthly Payment
$___
Transcribed Image Text:Find the total monthly payment, including taxes and insurance, for the following loan. Term of Loan Amount of Loan Interest Rate $149,300 25 years (Simplify your answer. Round to the nearest cent as needed.) Annual Taxes 512% $2840 Annual Insurance $655 Monthly Payment $___
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