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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 81
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
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 & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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