Michael Sanchez purchased a condominium for $73,000. 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...

Michael Sanchez purchased a condominium for $73,000. 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.

Payment Number	Monthly Payment (in $)	Monthly Interest (in $)	Portion Used to Reduce Principal (in $)	Loan Balance (in $)
0				$
1	$	$	$	$
2	$	$	$	$
3	$	$	$	$
4	$	$	$	$

(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 $)?

Jun 08, 2022

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Michael Sanchez purchased a condominium for $73,000. 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...

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