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Michael Sanchez purchased a condominium for $73,000. He made a 20% down payment and financed the balence with a 30 year, 5% fixed-rate mortgage.
Michael Sanchez purchased a condominium for $73,000. He made a 20% down payment and financed the balence 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, P, of Michael's loan? (h) Construct an amortization schedule for the first four months of Michael's mortgage Payment Number Monthly Payment (in $) Monthly Interest (in 5) Portion Used to Reduce Principal (in) Loan Balance (in) 0 1 $ " 2 $ $ $ 3 $ $ $ $ 4 $ $ (If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $32
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