Question

Joan pays 456.25 monthly on her mortgage. If her annual insurance premium is 1,560 and her annual real estate tax is 1,890, what is her combined monthly payment to her mortgage lender?

959.35

240.51

586.25

743.75

Answer 1

The combined payment is 743.75.

The annual amount of insurance is 1560. Dividing this by 12 gives us the monthly amount paid:
1560/12 = 130.

The annual real estate taxes are 1890. Dividing this by 12 gives us the monthly amount paid:
1890/12 = 157.50

We add these to the monthly mortgage payment to find the total amount:
456.25+130+157.50 = 743.75