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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Michael Sanchez purchased a condominium for $86,000. 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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