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 $308,000. His mortgage was for $293,000 at 5% for 30 years with PMI of $309.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $189,700. 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? Daniel and Jan agreed to pay $545,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) a. How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Answer is complete but not entirely correct. Monthly payment 2,907 X b. After the first payment, what would be the balance of the principal? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Answer is complete but not entirely correct. Portion to Payment number Interest Principal 2,425$ 482 x $ Balance of loan outstanding 484,517 X 1 $ 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 $308,000. His mortgage was for $293,000 at 5% for 30 years with PMI of $309.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $189,700. 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? Daniel and Jan agreed to pay $545,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) a. How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Answer is complete but not entirely correct. Monthly payment 2,907 X b. After the first payment, what would be the balance of the principal? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Answer is complete but not entirely correct. Portion to Payment number Interest Principal 2,425$ 482 x $ Balance of loan outstanding 484,517 X 1 $