2. A property is bought 7 years ago for $350,000 putting 10% down and financing the rest for 30 years with a fixed rate loan of 5% a year. What is the monthly payment on the loan? $1,690.99 The property has appreciated at a rate of 0.2% a month. What is the amount of equity today? $136,931.56 What percent of the equity today is due to the increase in the value of the property? 46.7% Due to the low down payment, PMI of 1.2% a year is charged based on the initial amount borrowed. What is the monthly PMI amount (in dollars) charged by the lender? $315.00 Create a new tab with the following based on the original information. An extra $10,000 is paid along with the 12th payment. How many months will it take until there is 20% equity in the property? How much is owed on the loan at that time?