Michael Sanchez purchased a condominium for $92,000. 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 $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)?

Phil Pittman is interested in a fixed-rate mortgage for $300,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.) (a) What are the monthly principal and interest payments (in $) for each loan? 15-year mortgage$ 30-year mortgage$  (b) What is the total amount of interest (in $) paid on each loan? 15-year mortgage$ 30-year mortgage$  (c) Overall, how much more interest (in $) is paid by choosing the 30-year mortgage? $

You want to buy a $157,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 5.55% interest for the rest. what are your monthly payments