Question

In many cases, lenders allow homeowners to include their homeowner's insurance premium with their monthly
mortgage payment. Robert's home is worth $318,900. If his homeowner's insurance premium is $0.44 per $100, how
much is added to his monthly mortgage payment for insurance? Show work.

Answer 1

318,990/100 = 3,189.9
3,189.9 x 0.44 = 1403.556, rounded to $1,403.56 is the total amount added.

I don’t think they’re looking for it to be broken down into months, so I think that’s your answer.