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5 October, 16:55

Susan is paying $0.30 per $100 on her $483,000 home in homeowners insurance annually. If her annual homeowners insurance premium is divided into twelve equal monthly installments to be included on each of her monthly mortgage payments of $2128.00, what is her total monthly payment?

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  1. 5 October, 17:25
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    Amount of annual homeowners premium = 0.30 x 483,000 / 100 = $1,449

    Monthly homeowners premium = $1,449/12 = $120.75

    Total monthly payment = $2,128 + $120.75 = $2,248.75
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