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12 September, 06:41

The McQuires pay a monthly mortgage payment of $938. They also pay a semi-annual property tax bill of $3,298 and semi-annual homeowners insurance of $840. The property tax and insurance are paid monthly into an escrow account to their lender. What is their monthly payment or their lender?

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  1. 12 September, 07:51
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    Semi-annual means twice per year. Divide 3298 by 6 to find out how much you are paying per month. Same with the insurance.

    3298/6 = 549.67

    840/6 = 140

    140 + 549.67 + 938 = $1627.67
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