Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) Interest Rate (%) Years 3.50 5 10 15 20 25 30 35 40 Years...

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)

(table is attached)

Amount Financed = 220,000

Interest Rate = 3.50%

Term of Loan (years) = 25

Annual Property Tax = 6,513

Annual Insurance = 2,186

Solve for the following:

Monthly PI

 and

Monthly PITI

Extracted text: Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) Interest Rate (%) Years 3.50 5 10 15 20 25 30 35 40 Years 3.87 4.03 4.18 4.34 4.50 4.66 Years Years 7.15 Years Years 5.01 5.14 Years 18.19 18.30 Years 4.13 4.28 9.89 5.80 5.93 4.49 4.63 3.75 4.00 4.25 10.01 10.12 10.24 7.27 18.42 18.53 7.40 7.52 6.06 6.19 5.28 5.42 4.77 4.92 4.43 4.58 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 6.46 6.60 6.74 4.75 18.76 10.48 7.78 7.91 5.70 5.22 5.37 5.52 4.89 5.00 5.25 18.87 18.99 10.61 10.73 5.85 5.05 4.82 4.99 5.16 5.33 8.04 5.99 6.14 5.21 5.37 5.50 5.75 19.10 10.85 8.17 6.88 5.68 19.22 10.98 11.10 8.30 7.02 6.29 5.84 5.54 5.70 5.87 6.04 6.21 6.39 6.56 6.74 6.00 б.25 6.50 19.33 19.45 19.57 8.44 8.57 7.16 7.31 7.46 6.44 6.00 5.50 5.68 5.85 11.23 11.35 11.48 11.61 11.74 11.87 6.60 6.75 6.91 7.07 7.23 7.39 6.16 6.32 8.71 8.85 6.75 19.68 19.80 19.92 20.04 7.6 7.75 7.90 8.06 8.21 8.36 6.49 6.03 7.00 7.25 7.50 8.99 9.13 9.27 6.99 7.16 7.34 6.65 6.82 6.21 6.40 6.58 6.77 6.95 6.92 7.10 7.28 7.47 7.65 7.75 8.00 20.16 12.00 12.13 9.41 9.56 7.55 7.72 8.25 8.50 8.75 20.28 20.40 20.52 20.64 12.27 12.40 9.70 9.85 9.99 8.52 8.68 8.84 7.88 8.05 8.22 7.51 7.69 7.87 7.14 7.33 7.52 9.00 9.25 9.50 9.75 10.00 10.25 20.76 20.88 21.00 12.53 12.67 12.80 12.94 13.08 10.14 9.00 8.39 8.05 7.84 7.71 10.29 10.44 10.59 9.16 9.32 8.56 8.74 8.23 8.41 8.03 8.22 7.91 8.10 8.30 8.91 9.09 9.26 9.44 8.59 8.78 8.96 21.12 9.49 8.41 8.60 21.25 13.22 10.75 10.90 9.65 9.82 8.49 8.69 13.35 13.49 21.37 21.49 21.62 21.74 21.87 21.99 22.12 22.24 22.37 22.50 8.79 8.98 11.05 11.21 10.50 9.98 10.15 9.15 8.89 10.75 11.00 13.63 9.62 9.80 9.98 10.16 9.33 9.18 13.78 13.92 9.08 9.28 9.48 11.37 10.32 10.49 9.52 9.71 9.37 11.52 11.25 11.50 11.75 12.00 12.25 12.50 9.56 9.76 9.96 14.06 14.20 14.35 14.49 14.64 9.90 10.09 10.29 10.48 10.67 9.68 9.88 10.08 10.29 10.49 11.68 10.66 11.84 12.00 12.16 12.33 10.84 11.01 11.19 11.36 10.35 10.53 10.72 10.9 10.16 10.35 10.55 12.75 13.00 22.63 14.78 14.93 12.49 11.54 11.72 11.09 11.28 10.87 11.06 10.75 10.95 10.69 10.90 22.75 12.65