Michael Sanchez purchased a condominium for $89,000. 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. (attached is the chart have to fill out for anwser) (C): If the annual property taxes are $1,640 and the hazard insurance premium is $730 per year, what is the total monthly PITI of Michael's loan (in $)? $
Michael Sanchez purchased a condominium for $89,000. 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. (attached is the chart have to fill out for anwser) (C): If the annual property taxes are $1,640 and the hazard insurance premium is $730 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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Michael Sanchez purchased a condominium for $89,000. 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.
(attached is the chart have to fill out for anwser)
(C): If the annual property taxes are $1,640 and the hazard insurance premium is $730 per year, what is the total monthly PITI of Michael's loan (in $)?
$
Transcribed Image Text:(b) Construct an amortization schedule for the first four months of Michael's mortgage.
Portion Used
to Reduce
Principal
(in $)
Monthly
Payment
(in $)
Monthly
Interest
Loan
Payment
Number
Balance
(in $)
(in $)
1
4
$
$ |
$ |
%24
2.
3.
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