Real Estate Math
A Colorado property is worth $420,000. The owner takes a mortgage for 75% of the value. Monthly P&I payments are $2,150 and monthly property taxes and insurance are $425. What is the total monthly PITI payment?
A$2,150
B$2,425
C$2,575✓ Correct
D$2,850
Explanation
PITI = P&I + Property Taxes + Insurance = $2,150 + $425 = $2,575. To solve this, multiply the relevant values: $420,000 and $2,150 at 75%..
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