MY NOTES ASK YOUR TEACHER Michael Sanchez purchased a condominium for $73,000. 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.) PRACTICE ANOTHER (a) What is the amount (in $) of the monthly principal and interest portion, Pl, 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 $670 per year, what is the total monthly PITI of Michaer's loan (in $37 $