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 $)?
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 $)?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
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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