B:

Michael Sanchez purchased a condominium for $98,000. 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 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (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 $)? $ Ransford and Alda Mariano own a home recently appraised for $428,500. The balance on their existing mortgage is $133,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $ 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 $240,000 9.50% 25 $ $6,513 $2,126