Michael Sanchez purchased a condominium for $64,000. He made a 20% down payment and financed the balance with a 20 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent.)

(a) What is the amount (in $) of the monthly fixed payment, R, of Michael's loan?

(b) Construct an amortization schedule for the first four months of Michael's mortgage.

Michael Sanchez purchased a condominium for $64,000. He made a 20% down payment and financed the balance with a 20 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent.) (a) What is the amount (in $) of the monthly fixed payment, R, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. Payment Number Monthly Fixed Payment Amount of Interest Payment to Principal Ending Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $