Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Amount Financed Interest Rate Term of Loan (years) Number of $1,000s Financed Table Factor (in $) Monthly Payment (in $) Total Interest (in $) $167,300 5.25% 15 As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Financed Interest Rate Term of Loan (years) Monthly PI Annual Property Annual Insurance Monthly PITI Tax $270,000 9.50% 25 $6,573 $2,186 $ Michael Sanchez purchased a condominium for $71,000. 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 $700 per year, what is the total monthly PITI of Michael's loan (in $)? Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 8% for the 15-year mortgage and 8.5% 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? $ Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Amount Financed Interest Rate Term of Loan (years) Number of $1,000s Financed Table Factor (in $) Monthly Payment (in $) Total Interest (in $) $167,300 5.25% 15 As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Financed Interest Rate Term of Loan (years) Monthly PI Annual Property Annual Insurance Monthly PITI Tax $270,000 9.50% 25 $6,573 $2,186 $ Michael Sanchez purchased a condominium for $71,000. 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 $700 per year, what is the total monthly PITI of Michael's loan (in $)? Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 8% for the 15-year mortgage and 8.5% 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? $