If you buy a home with less than $20\%$ down, you will pay an additional monthly fee, PMI $($private mortgage insurance$),$ until you reach

$20\%$ equity. Keep track of when you reach $20\%$ equity so you can request to have your PMI removed. Ken Buckmiller's home recently

appraised at $$295,000.$ His mortgage was for $$280,000$ at $5\%$ for $30$ years with PMI of $$279\mathrm{.}17$ per month. What is his monthly

payment plus PMI? His mortgage balance is currently $$181,700.$ Has he reached $20\%$ equity? $($Use Table $15\mathrm{.}1.)$

Note: Round your intermediate calculations and final answer to the nearest cent. TABLE $15\mathrm{.}1$

Amortization table $($mortgage principal and interest per $$1,000)$