Please help complete in the same format. Michael Sanchez purchased a condominum for $88,000. He made a 20% downpayment and financed the balance with a 30-year, 9% fixed-rate mortgage.a. What is the amount of the monthly principal and interest portion, PI, of Michael'sloan?Purchase price =Down payment percent =Amount financed =Number of $1,000s financed =Rate =Term (years) =Table factor =Monthly PI =b. Construct an amortization schedule for the first 4 months of Michael's mortgage:mortization Schedu$70,400 Loan, 9%, 30 yearsPaymentMonthly PaymentMonthlyPortion UsedLoanto ReducePrincipalNumberInterestBalance1234c. If the annual property taxes are $1,650 and the hazard insurance premium is $780 peryear, what is the total monthly PITI of Michael's loan?Taxes =Insurance =Monthly TI =Table Factor =PI =Monthly PITI =

hat is the amount of the monthly principal and interest portion, PI, of Michael's n? Purchase price =| Down payment percent = Amount financed = lumber of $1,000s financed = } Rate = Term (years) =| Table factor = | Monthly PI = nstruct an amortization schedule for the first 4 months of Michael's mortaage:

hat is the amount of the monthly principal and interest portion, PI, of Michael's n? Purchase price =| Down payment percent = Amount financed = lumber of $1,000s financed = } Rate = Term (years) =| Table factor = | Monthly PI = nstruct an amortization schedule for the first 4 months of Michael's mortaage:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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