Real Estate Math
A Wisconsin homeowner's insurance premium is $1,800/year. If the lender impounds this cost monthly, how much is added to the monthly mortgage payment?
A$125
B$150✓ Correct
C$175
D$200
Explanation
Monthly impound = $1,800 / 12 = $150. Using the values given ($1,800), apply the appropriate formula.. The correct answer is $150.. This is a common calculation on the Wisconsin real estate exam.
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