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8 August, 17:29

In many cases, lenders allow homeowners to included their homeowners insurance premium with their monthly mortgage payment. Tim's home is worth $279,500. If his homeowners insurance premium is $0.33 per $100, how much is added to his monthly mortgage payment for insurance?

a. $7.69

b. $76.86

c. $92.35

d. $922.35

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  1. 8 August, 17:55
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    If you would like to know how much is added to Tim's monthly mortgage payment for insurance, you can calculate this using the following steps:

    $0.33 ... $100

    $x = ? ... $279,500

    0.33 * 279,500 = 100 * x / 100

    x = 0.33 * 279,500 / 100

    x = $922.35

    The correct result would be d. $922.35.
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