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6.12 Exercise 9

Avg difficulty 2.5

Jenna decides to purchase a home, with mortgage of $108,450 at 6% interest for 30 years. The assessed value of her home is $75,600. Her property taxes come to 5.7% of her assessed value. Jenna also has to pay her home insurance every 6 months, which is $744 per six months. How much, including escrow, will Jenna pay per month?

OpenStax Contemporary Mathematics, 6.12 Renting and Homeownership, exercise 9

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.