Michael Sanchez purchased a condominium for $67,000. 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.(a) What is the amount (in dlls) of the monthly fixed payment, R, of Michael's loan?(b) Construct an amortization schedule for the first four months of Michael's mortgage.PaymentNumber01234tAMonthlyFixedPaymentLALAAmountofInterestLALAtAPaymenttoPrincipaltALAtALAEndingBalance

a) Answer is 287.832Amount financed = Purchase price x (1-downpayment) = 67,000 x (1-0.20) =…

Answered: Michael Sanchez purchased a condominium…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

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Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?
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A 20-year mortgage set up for uniform monthly payments with 6 percent interest compounded monthly is taken over by a new owner after 8 years. At that time $12,000 is still owed on the principal. What was the amount of the original loan?
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You want to borrow $41,611. You must repay the loan in 13 years in equal monthly payments and a single $3,960 payment at the end of 13 years. The interest rate is 15% nominal per year. What is the amount of each payment?

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