Answer:
$3.89 is added to his monthly mortgage payment for insurance.
Step-by-step explanation:
Given that in many cases, lenders allow homeowners to include their homeowner's insurance premium with their monthly mortgage payment, and Robert's home is worth $ 318,900, if his homeowner's insurance premium is $ 0.44 per $ 100, to determine how
much is added to his monthly mortgage payment for insurance (based on a 30-year mortgage) the following calculation should be performed:
(((318,900 / 100) x 0.44) / 30) / 12 = X
((3,189 x 0.44) / 30) / 12 = X
(1,403.16 / 30) / 12 = X
46.772 / 12 = X
3.89 = X
Thus, $ 3.89 is added to his monthly mortgage payment for insurance.
