3. [-/1 Points) DETAILS BRECMBC9 14.1.016. MY NOTES ASK YOUR TEACHER Michael Sanchez purchased a condominium for $77,000. 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 2 $ 3 $ 4 $ (C) If the annual property taxes are $1,610 and the hazard Insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)