If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 80% equity. Keep track of when you reach 80% 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 80% equity? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)