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Michael Sanchez purchased a condominium for [tex]$92,000. 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 $[/tex]) of the monthly principal and interest portion, Pl, of Michael's loan?
[tex]$395 12
(b) Construct an amortization schedule for the first four months of Michael's mortgage.
Payment
Number
Monthly
Payment
(in $[/tex])
Monthly
Interest
(in 5)
Portion Used
to Reduce
Principal
(in 5)
Loan
Balance
(in 5)
0
[tex]$73000
1
$[/tex]395 12
[tex]$300 67
$[/tex] 6545
[tex]$73511.55
2
$[/tex]395 12
[tex]$306.30
$[/tex]08.82
[tex]$73422 73
3
$[/tex]395 12
[tex]$305 93
509.19
$[/tex]7333354
4
[tex]$395 12
$[/tex]305 56
[tex]$89.50
$[/tex]7324300
(c) If the annual property taxes are [tex]$1,670 and the hazard insurance premium is $[/tex]640 per year, what is the total monthly PITI of Michael's loan (in [tex]$)?
$[/tex]
10:26 AM

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