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.)

Amount Financed	Interest Rate	Term of Loan (years)	Monthly PI	Annual Property Tax	Annual Insurance	Monthly PITI
$128,700	6.75%	15	$	$2,340	$1,325	$

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 (%)	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years	35 Years	40 Years
3.50	18.19	9.89	7.15	5.80	5.01	4.49	4.13	3.87
3.75	18.30	10.01	7.27	5.93	5.14	4.63	4.28	4.03
4.00	18.42	10.12	7.40	6.06	5.28	4.77	4.43	4.18
4.25	18.53	10.24	7.52	6.19	5.42	4.92	4.58	4.34
4.50	18.64	10.36	7.65	6.33	5.56	5.07	4.73	4.50
4.75	18.76	10.48	7.78	6.46	5.70	5.22	4.89	4.66
5.00	18.87	10.61	7.91	6.60	5.85	5.37	5.05	4.82
5.25	18.99	10.73	8.04	6.74	5.99	5.52	5.21	4.99
5.50	19.10	10.85	8.17	6.88	6.14	5.68	5.37	5.16
5.75	19.22	10.98	8.30	7.02	6.29	5.84	5.54	5.33
6.00	19.33	11.10	8.44	7.16	6.44	6.00	5.70	5.50
6.25	19.45	11.23	8.57	7.31	6.60	6.16	5.87	5.68
6.50	19.57	11.35	8.71	7.46	6.75	6.32	6.04	5.85
6.75	19.68	11.48	8.85	7.6	6.91	6.49	6.21	6.03
7.00	19.80	11.61	8.99	7.75	7.07	6.65	6.39	6.21
7.25	19.92	11.74	9.13	7.90	7.23	6.82	6.56	6.40
7.50	20.04	11.87	9.27	8.06	7.39	6.99	6.74	6.58
7.75	20.16	12.00	9.41	8.21	7.55	7.16	6.92	6.77
8.00	20.28	12.13	9.56	8.36	7.72	7.34	7.10	6.95
8.25	20.40	12.27	9.70	8.52	7.88	7.51	7.28	7.14
8.50	20.52	12.40	9.85	8.68	8.05	7.69	7.47	7.33
8.75	20.64	12.53	9.99	8.84	8.22	7.87	7.65	7.52
9.00	20.76	12.67	10.14	9.00	8.39	8.05	7.84	7.71
9.25	20.88	12.80	10.29	9.16	8.56	8.23	8.03	7.91
9.50	21.00	12.94	10.44	9.32	8.74	8.41	8.22	8.10
9.75	21.12	13.08	10.59	9.49	8.91	8.59	8.41	8.30
10.00	21.25	13.22	10.75	9.65	9.09	8.78	8.60	8.49
10.25	21.37	13.35	10.90	9.82	9.26	8.96	8.79	8.69
10.50	21.49	13.49	11.05	9.98	9.44	9.15	8.98	8.89
10.75	21.62	13.63	11.21	10.15	9.62	9.33	9.18	9.08
11.00	21.74	13.78	11.37	10.32	9.80	9.52	9.37	9.28
11.25	21.87	13.92	11.52	10.49	9.98	9.71	9.56	9.48
11.50	21.99	14.06	11.68	10.66	10.16	9.90	9.76	9.68
11.75	22.12	14.20	11.84	10.84	10.35	10.09	9.96	9.88
12.00	22.24	14.35	12.00	11.01	10.53	10.29	10.16	10.08
12.25	22.37	14.49	12.16	11.19	10.72	10.48	10.35	10.29
12.50	22.50	14.64	12.33	11.36	10.9	10.67	10.55	10.49
12.75	22.63	14.78	12.49	11.54	11.09	10.87	10.75	10.69
13.00	22.75	14.93	12.65	11.72	11.28	11.06	10.95	10.90