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. (F 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 Payment Number Monthly Payment (in $) Monthly Interest to Reduce Principal (in $) Loan Balance (in $) (in $) $ [ $ $ | $| 1 $4 $ 3 $ $ $ | $| $ | 4 (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 $94,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (F 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 Payment Number Monthly Payment (in $) Monthly Interest to Reduce Principal (in $) Loan Balance (in $) (in $) $ [ $ $ | $| 1 $4 $ 3 $ $ $ | $| $ | 4 (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 $)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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