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...

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 $)?

(b) Construct an amortization schedule for the first four months of Michael's mortgage.<br>Portion Used<br>to Reduce<br>Principal<br>(in $)<br>Monthly<br>Payment<br>(in $)<br>Monthly<br>Interest<br>Loan<br>Payment<br>Number<br>Balance<br>(in $)<br>(in $)<br>1<br>4<br>$<br>$ |<br>$ |<br>%24<br>2.<br>3.<br>

Extracted 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.

Jun 10, 2022

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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...

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