For the fixed-rate mortgage below, determine the net initial monthly cost (taking tax savings into consideration). Round your answer to the nearest dollar. $$\begin{array} { l l }
\text { Amount of mortgage: } & \$ 147,000 \
\text { Term of mortgage: } & 30 \text { years } \
\text { Interest rate: } & 8 \% \
\text { Annual property tax: } & \$ 1110 \
\text { Annual insurance: } & \$ 570 \
\text { Owner's income tax bracket: } & 40 \%
\end{array}$$
A)$790
B)$818
C)$750
D)$771

Question

For the fixed-rate mortgage below, determine the net initial monthly cost (taking tax savings into consideration). Round your answer to the nearest dollar. $$\begin{array} { l l } 
\text { Amount of mortgage: } & \$ 147,000 \
\text { Term of mortgage: } & 30 \text { years } \
\text { Interest rate: } & 8 \% \
\text { Annual property tax: } & \$ 1110 \
\text { Annual insurance: } & \$ 570 \
\text { Owner's income tax bracket: } & 40 \%
\end{array}$$
A)$790
B)$818
C)$750
D)$771

Quizplus · Accepted Answer

The Answer of For the fixed-rate mortgage below, determine the net initial monthly cost (taking tax savings into consideration). Round your answer to the nearest dollar. $$\begin{array} { l l } 
\text { Amount of mortgage: } & \$ 147,000 \
\text { Term of mortgage: } & 30 \text { years } \
\text { Interest rate: } & 8 \% \
\text { Annual property tax: } & \$ 1110 \
\text { Annual insurance: } & \$ 570 \
\text { Owner's income tax bracket: } & 40 \%
\end{array}$$
A)$790
B)$818
C)$750
D)$771

For the Fixed-Rate Mortgage Below, Determine the Net Initial Monthly