Real Estate Math
An Iowa buyer's mortgage has a monthly P&I payment of $1,347 and monthly taxes/insurance of $385. What is the total monthly PITI payment?
A$1,347
B$1,732✓ Correct
C$1,847
D$1,962
Explanation
PITI = Principal & Interest + Taxes + Insurance = $1,347 + $385 = $1,732. Using the values given ($1,347, $385), apply the appropriate formula.. The correct answer is $1,732.. This is a common calculation on the Iowa real estate exam.
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