(ANSWER LETTER C ONLY AT THE BOTTOM OF THE PAGE) Michael Sanchez purchased a condominium for $94,000. 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? -$403.69 Payment Number Monthly Payment (in $) Monthly Interest (in $) Portion Used to Reduce Principal (in $) Loan Balance (in $) 0 $75200 1 $403.69 $313.33 $90.36 $75,109.64 2 $403.69 $312.96 $90.73 $75,018.91 3 $403.69 $312.58 $91.11 $74,927.80 4 $403.69 $312.20 $91.49 $74,836.31 If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)?
(ANSWER LETTER C ONLY AT THE BOTTOM OF THE PAGE) Michael Sanchez purchased a condominium for $94,000. 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? -$403.69 Payment Number Monthly Payment (in $) Monthly Interest (in $) Portion Used to Reduce Principal (in $) Loan Balance (in $) 0 $75200 1 $403.69 $313.33 $90.36 $75,109.64 2 $403.69 $312.96 $90.73 $75,018.91 3 $403.69 $312.58 $91.11 $74,927.80 4 $403.69 $312.20 $91.49 $74,836.31 If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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(ANSWER LETTER C ONLY AT THE BOTTOM OF THE PAGE)
Michael Sanchez purchased a condominium for $94,000. 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?
-$403.69
| Payment Number |
Monthly Payment (in $) |
Monthly Interest (in $) |
Portion Used to Reduce Principal (in $) |
Loan Balance (in $) |
|---|---|---|---|---|
| 0 | $75200 | |||
| 1 | $403.69 | $313.33 | $90.36 | $75,109.64 |
| 2 | $403.69 | $312.96 | $90.73 | $75,018.91 |
| 3 | $403.69 | $312.58 | $91.11 | $74,927.80 |
| 4 | $403.69 | $312.20 | $91.49 | $74,836.31 |
If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)?
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