Michael Sanchez purchased a condominium for $83,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. Payment Number Monthly Payment (in $) Monthly Interest (in $) Portion Used to Reduce Principal (in $) Loan Balance (in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)? $ Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) Interest Rate (%) 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years 40 Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 7.39 6.99 6.74 6.58 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 6.77 8.00 20.28 12.13 9.56 8.36 7.72 7.34 7.10 6.95 8.25 20.40 12.27 9.70 8.52 7.88 7.51 7.28 7.14 8.50 20.52 12.40 9.85 8.68 8.05 7.69 7.47 7.33 8.75 20.64 12.53 9.99 8.84 8.22 7.87 7.65 7.52 9.00 20.76 12.67 10.14 9.00 8.39 8.05 7.84 7.71 9.25 20.88 12.80 10.29 9.16 8.56 8.23 8.03 7.91 9.50 21.00 12.94 10.44 9.32 8.74 8.41 8.22 8.10 9.75 21.12 13.08 10.59 9.49 8.91 8.59 8.41 8.30 10.00 21.25 13.22 10.75 9.65 9.09 8.78 8.60 8.49 10.25 21.37 13.35 10.90 9.82 9.26 8.96 8.79 8.69 10.50 21.49 13.49 11.05 9.98 9.44 9.15 8.98 8.89 10.75 21.62 13.63 11.21 10.15 9.62 9.33 9.18 9.08 11.00 21.74 13.78 11.37 10.32 9.80 9.52 9.37 9.28 11.25 21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48 11.50 21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68 11.75 22.12 14.20 11.84 10.84 10.35 10.09 9.96 9.88 12.00 22.24 14.35 12.00 11.01 10.53 10.29 10.16 10.08 12.25 22.37 14.49 12.16 11.19 10.72 10.48 10.35 10.29 12.50 22.50 14.64 12.33 11.36 10.9 10.67 10.55 10.49 12.75 22.63 14.78 12.49 11.54 11.09 10.87 10.75 10.69 13.00 22.75 14.93 12.65 11.72 11.28 11.06 10.95 10.90
Michael Sanchez purchased a condominium for $83,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. Payment Number Monthly Payment (in $) Monthly Interest (in $) Portion Used to Reduce Principal (in $) Loan Balance (in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)? $ Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) Interest Rate (%) 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years 40 Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 7.39 6.99 6.74 6.58 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 6.77 8.00 20.28 12.13 9.56 8.36 7.72 7.34 7.10 6.95 8.25 20.40 12.27 9.70 8.52 7.88 7.51 7.28 7.14 8.50 20.52 12.40 9.85 8.68 8.05 7.69 7.47 7.33 8.75 20.64 12.53 9.99 8.84 8.22 7.87 7.65 7.52 9.00 20.76 12.67 10.14 9.00 8.39 8.05 7.84 7.71 9.25 20.88 12.80 10.29 9.16 8.56 8.23 8.03 7.91 9.50 21.00 12.94 10.44 9.32 8.74 8.41 8.22 8.10 9.75 21.12 13.08 10.59 9.49 8.91 8.59 8.41 8.30 10.00 21.25 13.22 10.75 9.65 9.09 8.78 8.60 8.49 10.25 21.37 13.35 10.90 9.82 9.26 8.96 8.79 8.69 10.50 21.49 13.49 11.05 9.98 9.44 9.15 8.98 8.89 10.75 21.62 13.63 11.21 10.15 9.62 9.33 9.18 9.08 11.00 21.74 13.78 11.37 10.32 9.80 9.52 9.37 9.28 11.25 21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48 11.50 21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68 11.75 22.12 14.20 11.84 10.84 10.35 10.09 9.96 9.88 12.00 22.24 14.35 12.00 11.01 10.53 10.29 10.16 10.08 12.25 22.37 14.49 12.16 11.19 10.72 10.48 10.35 10.29 12.50 22.50 14.64 12.33 11.36 10.9 10.67 10.55 10.49 12.75 22.63 14.78 12.49 11.54 11.09 10.87 10.75 10.69 13.00 22.75 14.93 12.65 11.72 11.28 11.06 10.95 10.90
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 17P
Related questions
Question
Michael Sanchez purchased a condominium for $83,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.)
(a)
What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?
$
(b)
Construct an amortization schedule for the first four months of Michael's mortgage.
Payment Number |
Monthly Payment (in $) |
Monthly Interest (in $) |
Portion Used to Reduce Principal (in $) |
Loan Balance (in $) |
---|---|---|---|---|
0 | $ | |||
1 | $ | $ | $ | $ |
2 | $ | $ | $ | $ |
3 | $ | $ | $ | $ |
4 | $ | $ | $ | $ |
(c)
If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?
$
Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments(Necessary to amortize a loan of $1,000)Interest Rate (%) |
5 Years |
10 Years |
15 Years |
20 Years |
25 Years |
30 Years |
35 Years |
40 Years |
---|---|---|---|---|---|---|---|---|
3.50 | 18.19 | 9.89 | 7.15 | 5.80 | 5.01 | 4.49 | 4.13 | 3.87 |
3.75 | 18.30 | 10.01 | 7.27 | 5.93 | 5.14 | 4.63 | 4.28 | 4.03 |
4.00 | 18.42 | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 | 4.18 |
4.25 | 18.53 | 10.24 | 7.52 | 6.19 | 5.42 | 4.92 | 4.58 | 4.34 |
4.50 | 18.64 | 10.36 | 7.65 | 6.33 | 5.56 | 5.07 | 4.73 | 4.50 |
4.75 | 18.76 | 10.48 | 7.78 | 6.46 | 5.70 | 5.22 | 4.89 | 4.66 |
5.00 | 18.87 | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 | 4.82 |
5.25 | 18.99 | 10.73 | 8.04 | 6.74 | 5.99 | 5.52 | 5.21 | 4.99 |
5.50 | 19.10 | 10.85 | 8.17 | 6.88 | 6.14 | 5.68 | 5.37 | 5.16 |
5.75 | 19.22 | 10.98 | 8.30 | 7.02 | 6.29 | 5.84 | 5.54 | 5.33 |
6.00 | 19.33 | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 | 5.50 |
6.25 | 19.45 | 11.23 | 8.57 | 7.31 | 6.60 | 6.16 | 5.87 | 5.68 |
6.50 | 19.57 | 11.35 | 8.71 | 7.46 | 6.75 | 6.32 | 6.04 | 5.85 |
6.75 | 19.68 | 11.48 | 8.85 | 7.6 | 6.91 | 6.49 | 6.21 | 6.03 |
7.00 | 19.80 | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 | 6.21 |
7.25 | 19.92 | 11.74 | 9.13 | 7.90 | 7.23 | 6.82 | 6.56 | 6.40 |
7.50 | 20.04 | 11.87 | 9.27 | 8.06 | 7.39 | 6.99 | 6.74 | 6.58 |
7.75 | 20.16 | 12.00 | 9.41 | 8.21 | 7.55 | 7.16 | 6.92 | 6.77 |
8.00 | 20.28 | 12.13 | 9.56 | 8.36 | 7.72 | 7.34 | 7.10 | 6.95 |
8.25 | 20.40 | 12.27 | 9.70 | 8.52 | 7.88 | 7.51 | 7.28 | 7.14 |
8.50 | 20.52 | 12.40 | 9.85 | 8.68 | 8.05 | 7.69 | 7.47 | 7.33 |
8.75 | 20.64 | 12.53 | 9.99 | 8.84 | 8.22 | 7.87 | 7.65 | 7.52 |
9.00 | 20.76 | 12.67 | 10.14 | 9.00 | 8.39 | 8.05 | 7.84 | 7.71 |
9.25 | 20.88 | 12.80 | 10.29 | 9.16 | 8.56 | 8.23 | 8.03 | 7.91 |
9.50 | 21.00 | 12.94 | 10.44 | 9.32 | 8.74 | 8.41 | 8.22 | 8.10 |
9.75 | 21.12 | 13.08 | 10.59 | 9.49 | 8.91 | 8.59 | 8.41 | 8.30 |
10.00 | 21.25 | 13.22 | 10.75 | 9.65 | 9.09 | 8.78 | 8.60 | 8.49 |
10.25 | 21.37 | 13.35 | 10.90 | 9.82 | 9.26 | 8.96 | 8.79 | 8.69 |
10.50 | 21.49 | 13.49 | 11.05 | 9.98 | 9.44 | 9.15 | 8.98 | 8.89 |
10.75 | 21.62 | 13.63 | 11.21 | 10.15 | 9.62 | 9.33 | 9.18 | 9.08 |
11.00 | 21.74 | 13.78 | 11.37 | 10.32 | 9.80 | 9.52 | 9.37 | 9.28 |
11.25 | 21.87 | 13.92 | 11.52 | 10.49 | 9.98 | 9.71 | 9.56 | 9.48 |
11.50 | 21.99 | 14.06 | 11.68 | 10.66 | 10.16 | 9.90 | 9.76 | 9.68 |
11.75 | 22.12 | 14.20 | 11.84 | 10.84 | 10.35 | 10.09 | 9.96 | 9.88 |
12.00 | 22.24 | 14.35 | 12.00 | 11.01 | 10.53 | 10.29 | 10.16 | 10.08 |
12.25 | 22.37 | 14.49 | 12.16 | 11.19 | 10.72 | 10.48 | 10.35 | 10.29 |
12.50 | 22.50 | 14.64 | 12.33 | 11.36 | 10.9 | 10.67 | 10.55 | 10.49 |
12.75 | 22.63 | 14.78 | 12.49 | 11.54 | 11.09 | 10.87 | 10.75 | 10.69 |
13.00 | 22.75 | 14.93 | 12.65 | 11.72 | 11.28 | 11.06 | 10.95 | 10.90 |
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