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

Option A is the answer.

Explanation:

Given is :

Susan is paying $0.30 per $100 on her $483,000 home in homeowners insurance annually. So, this amount becomes :

= $1449

So, monthly homeowners insurance premium becomes =

= $120.75

As Susan pays $2128 mortgage payment also, her total payments become = = $2248.75

Hence, option A is the answer.

The total monthly payment of Susan is . Option (a) is correct.

Further Explanation:

Given:

The options are as follows,

(a).

(b).

(c).

(d).

Explanation:

Susan is paying per on her home in homeowners insurance annually.

The annual homeowner’s insurance premium is divided into twelve equal monthly installments to be included on each of her monthly mortgage payments of

The amount Susan paying can be obtained as follows,

Monthly homeowner’s insurance premium can be obtained as follows,

The total monthly payment can be obtained as follows,

The total monthly payment of Susan is . Option (a) is correct.

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Loan Schedule

Keywords: Susan, paying, home, homeowners, insurance, annually, premium, monthly installments, mortgage, payments, total monthly payment, insurance premium, twelve monthly mortgage.

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