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 Buckmillers home recently appraised at $292,000. His mortgage was for $277,000 at 5% for 30 years with PMI of $249.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $170,500. Has he reached 20% equity? (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent.

CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30 -year fixed-rate mortgages. Joe Sisneros wants to purchase a vacation home for $345,000 with 20% down. Calculate his monthly payment for a 30 -year mortgage at 5.0\%. Calculate total interest. (Use Table 15.1.) Note: Round your intermediate calculations and final answers to the nearest cent