As per the insurance premium, the monthly mortgage payment for insurance is B. $76.86.
Insurance:
In accounting, insurance refers the contract (policy) in which an insurer indemnifies another against losses from specific contingencies and/or perils.
Given,
In many cases, lenders allow homeowners to include their homeowners insurance premium with their monthly mortgage payment. Tim's home is worth $279,500.
Here we need to find if his homeowners insurance premium is $0.33 per $100, then how much is added to his monthly mortgage payment for insurance.
While we looking into the given question, we have identified that Tim’s home is worth $279,500.
And the insurance premium is $0.33 per $100
Then the amount for a month premium will be calculated as,
=> $0.33/13
=> $0.0275
So, the premium for $279500 will be calculated as,
=> 0.0275/100 × 279500
=> $76.86
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