In many cases, lenders allow homeowners to included their homeowners insurance premium with their monthly mortgage payment. Tim's home is worth $279,500. If his homeowners insurance premium is $0.33 per $100, how much is added to his monthly mortgage payment for insurance?

a. $7.69

b. $76.86

c. $92.35

d. $922.35

Question

Luka Cortez

Mathematics

27 May, 14:01

In many cases, lenders allow homeowners to included their homeowners insurance premium with their monthly mortgage payment. Tim's home is worth $279,500. If his homeowners insurance premium is $0.33 per $100, how much is added to his monthly mortgage payment for insurance?

a. $7.69

b. $76.86

c. $92.35

d. $922.35

+1

Answers (1)

Know the Answer?

Pinky · Answer 1

If you would like to know how much is added to Tim's monthly mortgage payment for insurance, you can calculate this using the following steps:

$0.33 ... $100

$x = ? ... $279,500

0.33 * 279,500 = 100 * x / 100

x = 0.33 * 279,500 / 100

x = $922.35

The correct result would be d. $922.35.