Chat with AI
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 14
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI, using Table 14-1 and the monthly PITI for the following mortgages.
Michael Sanchez purchased a condominium for $88,000. He made a 20% down payment and financed the balance with a 30-year, 9% fixed-rate mortgage.
a. What is the amount 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.
c. If the annual property taxes are $1,650 and the hazard insurance premium is $780 per year, what is the total monthly PITI of Michael's loan?
Michael Sanchez purchased a condominium for $88,000. He made a 20% down payment and financed the balance with a 30-year, 9% fixed-rate mortgage.
a. What is the amount 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.
c. If the annual property taxes are $1,650 and the hazard insurance premium is $780 per year, what is the total monthly PITI of Michael's loan?
Explanation
Verified
Verified
(a)
Since down payment is
of
, so ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
