Narrative 14-2
for Problems in This Section, Use Table 14-1 $10 \frac { 3 } { 4 } \%$

question 65

Short Answer

Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. Elliott Properties purchased a 20-unit apartment building for $800,000. After a 20% down payment the balance was financed with a 15-year, $10 \frac { 3 } { 4 } \%$ fixed-rate mortgage. The property taxes are $22,430 per year and the hazard insurance premium is $8,629 per year. If each apartment rents for $775 per month, how much income will Elliott make per month after the PITI is paid on the building?

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