Michael Sanchez purchased a condominium for $82,000. 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. Portion Used Monthly Payment (in $) Monthly Loan Payment Number to Reduce Interest Balance Principal (in $) (in $) (in $) 24 $ $ 2$ 2 $ $ 3 $ $ 4 2$ $ (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 $)? $
Michael Sanchez purchased a condominium for $82,000. 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. Portion Used Monthly Payment (in $) Monthly Loan Payment Number to Reduce Interest Balance Principal (in $) (in $) (in $) 24 $ $ 2$ 2 $ $ 3 $ $ 4 2$ $ (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 $)? $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Michael Sanchez purchased a condominium for $82,000. 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.
Portion Used
Monthly
Payment
(in $)
Monthly
Loan
Payment
Number
to Reduce
Interest
Balance
Principal
(in $)
(in $)
(in $)
2$
$
$
2
$
$
$
3
$
$
4
2$
$
(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 $)?
%24
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