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 $302,000. His mortgage was for $287,000 at 5% for 30 years with PMI of $249.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $171,500. Has he reached 20% equity? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment Has he reached 20% equity? TABLE 15-1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term in years 31% 5% 5,1% 6% 7% 71% 8% 8,1% 9% 10% 101% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 11.11 11.39 11.67 11.96 12.25 12.54 12 8.52 9.25 9.51 10.02 10.29 10.56 10.83 9.76 8.18 8.44 8.72 8.99 15 7.15 7.91 9.28 9.56 10.15 10.45 11.06 11.37 9.85 9.29 10.75 10.22 10.54 10.86 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.59 9.90 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.44 7.75 8.39 8.72 9.05 9.39 9.73 10.08 7.13 6.76 7.07 7.39 25 5.01 5.85 6.15 6.45 8.07 7.72 7.34 7.69 8.74 9.09 9.45 9.81 8.06 8.40 8.05 30 4.50 5.37 5.68 6.00 6.33 6.66 8.41 8.78 9.15 9.53 7.00 6.75 35 3.99 5.05 5.38 5.71 6.05 6.39 7.11 7.47 7.84 8.22 8.60 8.99 9.37