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hat is the amount of the monthly principal and interest portion, PI, of Michael's n? Purchase price =| Down payment percent = Amount financed = lumber of $1,000s financed = } Rate = Term (years) =| Table factor = | Monthly PI = nstruct an amortization schedule for the first 4 months of Michael's mortaage:

hat is the amount of the monthly principal and interest portion, PI, of Michael's n? Purchase price =| Down payment percent = Amount financed = lumber of $1,000s financed = } Rate = Term (years) =| Table factor = | Monthly PI = nstruct an amortization schedule for the first 4 months of Michael's mortaage:

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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Michael Sanchez purchased a condominum for $88,000. He made a 20% down payment and financed the balance with a 30-year, 9% fixed-rate mortgage. a. What is the amount of the monthly principal and interest portion, PI, of Michael's loan? Purchase price = Down payment percent = Amount financed = Number of $1,000s financed = Rate = Term (years) = Table factor = Monthly PI = b. Construct an amortization schedule for the first 4 months of Michael's mortgage: mortization Schedu $70,400 Loan, 9%, 30 years Payment Monthly Payment Monthly Portion Used Loan to Reduce Principal Number Interest Balance 1 2 3 4 c. If the annual property taxes are $1,650 and the hazard insurance premium is $780 per year, what is the total monthly PITI of Michael's loan? Taxes = Insurance = Monthly TI = Table Factor = PI = Monthly PITI =
Transcribed Image Text:Michael Sanchez purchased a condominum for $88,000. He made a 20% down payment and financed the balance with a 30-year, 9% fixed-rate mortgage. a. What is the amount of the monthly principal and interest portion, PI, of Michael's loan? Purchase price = Down payment percent = Amount financed = Number of $1,000s financed = Rate = Term (years) = Table factor = Monthly PI = b. Construct an amortization schedule for the first 4 months of Michael's mortgage: mortization Schedu $70,400 Loan, 9%, 30 years Payment Monthly Payment Monthly Portion Used Loan to Reduce Principal Number Interest Balance 1 2 3 4 c. If the annual property taxes are $1,650 and the hazard insurance premium is $780 per year, what is the total monthly PITI of Michael's loan? Taxes = Insurance = Monthly TI = Table Factor = PI = Monthly PITI =
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