Dakota just purchased a house for $700,000. Assume the value of the house doesn't change over the next 30 years. Dakota financed the purchase with a 30-year, fixed-rate, fully amortizing mortgage loan with monthly payments and an annual interest rate of 6.48%. The loan involved points of 1.20% and Dakota paid other up-front financing costs to the lender of $3,100 and up-front financing costs to third party service providers of $4,800. The original LTV ratio for the loan was 83%, Dakota is current on his loan payments, and Dakota has always made his scheduled loan payment (no more or no less).

a. If Dakota just made his 26^thregular, monthly mortgage payment, is he required to pay for PMI with his next loan payment? Answer yes, no, or maybe.

b. Explain why you gave your answer to part a.

c. If Dakota just made his 76^thregular, monthly mortgage payment, is he required to pay for PMI with his next loan payment? Answer yes, no, or maybe.

d. Explain why you gave your answer to part c.