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? a. $2,248.75 b. $2,409.75 c. $3,381.00 d. $3,577.00 Please select the best answer from the choices provided
Accepted Solution
A:
Answer:a) $2248.75Step-by-step explanation:Susan pays $0.3 per $100For $483000, she pays $1449 insurance annually : Calculation shown below483000/100 x 0.3 = $1449 Monthly instalments of the insurance premium for 12 months :annual insurance premium/ 12 months1449/12 = $120.75Monthly mortgage payments = $2128Monthly total payments = monthly mortgage payments + monthly insurance premium instalment. = 1449 + 120.75 = $2248.75!!