Chapter 14, Problem 5AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Use Table 14-1 to calculate the monthly principal and interest and calculate the monthly PITI for the following mortgages.

AmountFinanced |
InterestKate |
Term of Loan |
MonthlyPI |
AnnualPropertyTax |
AnnualInsurance |
MonthlyPITI |

$162,100 | 5.50% | 15 years | _______ | $2,275 | $1,033 | ____________ |

To determine

**To calculate:** The monthly principal and interest and the monthly PITI when amount financed is

Explanation

**Given Information:**

Amount Financed is

**Formula used:**

The formula for the number of

Use the table 14.1 to calculate the table factor. Locate the table factor on the intersection of the number of years column and the interest rate row.

The formula for Monthly PI (Principal and interest portion) is

And TI (Monthly tax and insurance portion) is

Monthly PITI is given by,

**Calculation:**

Consider the provided values,

And

To calculate number of

Sect-14.I P-1TIESect-14.I P-2TIESect-14.I P-3TIESect-14.I P-4TIESect-14.I P-5TIESect-14.I P-1RESect-14.I P-2RESect-14.I P-3RESect-14.I P-4RESect-14.I P-5RE

Sect-14.I P-6RESect-14.I P-7RESect-14.I P-8RESect-14.I P-9RESect-14.I P-10RESect-14.I P-11RESect-14.I P-12RESect-14.I P-13RESect-14.I P-14RESect-14.I P-15RESect-14.I P-16RESect-14.I P-17RESect-14.I P-18RESect-14.I P-19RESect-14.I P-20RESect-14.I P-21RESect-14.I P-22RESect-14.II P-6TIESect-14.II P-7TIESect-14.II P-1RESect-14.II P-2RESect-14.II P-3RESect-14.II P-4RESect-14.II P-5RESect-14.II P-6RESect-14.II P-7RESect-14.II P-8RESect-14.II P-9RESect-14.II P-10RESect-14.II P-11RESect-14.II P-12RESect-14.II P-13RESect-14.II P-14RESect-14.II P-15RESect-14.II P-16RESect-14.II P-17RESect-14.II P-18RESect-14.II P-19RESect-14.II P-20RESect-14.II P-21RESect-14.II P-22RECh-14 P-1CRCh-14 P-2CRCh-14 P-3CRCh-14 P-4CRCh-14 P-5CRCh-14 P-6CRCh-14 P-7CRCh-14 P-8CRCh-14 P-9CRCh-14 P-10CRCh-14 P-11CRCh-14 P-12CRCh-14 P-13CRCh-14 P-14CRCh-14 P-1ATCh-14 P-2ATCh-14 P-3ATCh-14 P-4ATCh-14 P-5ATCh-14 P-6ATCh-14 P-7ATCh-14 P-8ATCh-14 P-9ATCh-14 P-10ATCh-14 P-11ATCh-14 P-12ATCh-14 P-13ATCh-14 P-14ATCh-14 P-15ATCh-14 P-16ATCh-14 P-17ATCh-14 P-18ATCh-14 P-19ATCh-14 P-20ATCh-14 P-21ATCh-14 P-22AT

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