Homeownership has other expenses, including property taxes, homeowner's insurance, and utilities. The annual property tax can be estimated as 1% of the amount borrowed and the
annual homeowner's insurance can be estimated as 2% of the amount borrowed.
7. For a mortgage of $165,000, find the following.
a. What is the MONTHLY amount of property tax.
b. What is the MONTHLY amount of homeowner's insurance.