Michael Sanchez purchased a condominium for $91,000. 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 $1,670 and the hazard insurance premium is $640 per year, what is the total monthly PITI of Michael's loan (in $)?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
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Michael Sanchez purchased a condominium for $91,000. 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 $1,670 and the hazard insurance premium is $640 per year, what is the total monthly PITI of Michael's loan (in $)?
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