inment i All Bookmarks TABLE 15.1 Saved Help Save & Exit Submit Word Problem 15-10 (Algo) [LU 15-1 (2)] 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 $279.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $181,700. Has he reached 20% equity? (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent. Monthly payment Has he reached 20% equity? < Prev 9 of 14 Next > Amortization table (mortgage principal and Interest per $1,000) dia/Connect Check my work Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29003 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892 3.50818 3.000 0.25000 9.65607 6.90582 5.54598 4.74211 421604 3.57984 3.125 0.26042 9.71388 6.96609 5.60876 4.80738 4.28375 3.65226 3.250 0.27083 9.77190 7.02669 5.67196 4.87316 4.35206 3.72541 3.375 0.28125 9.83014 7.08760 5.73557 4.93945 4.42096 3.79930 3.500 0.29167 65888 6 7.14883 5.799.60 5.00624 4.49045 3.87391 3.625 0.30208 9.94725 7.21037 5.86404 5.07352 4.56051 3.94923 3.750 0.31250 10.00612 7.27222 5.92888 5.14131 4.63116 4.02526 3.875 0.32292 10.06521 7.33440 5.99414 5.20959 4.70237 4.10198 4.000 0.33333 10.12451 7.39688 6.05980 5.27837 4.77415 4.17938 4.125 10.18403 7.45968 6.12587 5.34763 4.84650 4.25746 4.250 0.35417 10.24375 7.52278 6.19234 5.41738 4.91940 4.33620 4.375 0.36458 10.30369 758620 6.25922 5.48761 4.99285 4.41559 4.500 0.37500 10.36384 7.64993 6.32649 5.55832 5.06685 4.49563 4.625 0.38542 10.42420 7.71397 6.39417 5.62951 5.14140 4.57629 4.750 4.875 0.39583 0.40625 10.48477 7.77832 6.46224 5.70117 5.21647 4.65758 10.54556 7.84297 6.53070 5.77330 5.29208 4.73947 5.000 0.41667 10.60655 7.90794 6.59956 5.84590 5.36822 4.82197 5.125 0.42708 10.66776 797320 6.66881 5.91896 5.44487 4.90505 5.250 0.43750 10.72917 8.03878 6.73844 5.99248 5.52204 4.98870 SLE'S 0.44792 10.79079 8.10465 6.80847 6.06645 5.59971 5.07293 5.500 0.45833 19798 01 8.17083 6.87887 6.14087 5.67789 5.15770 5.625 0.46875 10.91467 8.23732 6.94966 6.21575 5.75656 5.24302 5.750 0.47917 10.97692 8.30410 7.02084 6.29106 5.83573 5.32888 856870 11.03938 8.37118 7.09238 6.36682 5.91538 5.41525 6.000 0.50000 11.10205 8.43857 7.16431 6.44301 5.99651 5.50214 6.125 0.51042 11.16493 8.50625 7.23.661 6.51964 6.07611 29.685'S 6.250 0.52083 11.22801 7.30928 6.59669 6.15717 5.67740 6.500 0.53125 0.54167 1129130 8.64250 738042 6.67417 6.23870 5.76575 11.35480 8.71107 6.32068 5.85457 6.625 0.55208 11.41850 BE77924 096252 6.83039 6.40311 5.94385 6.750 0.56250 11.48241 8.849.09 7.60364 6.90912 6.48598 6.03357 6.875 0.57292 11.546-3 8918-4 7.67814 6.98825 6.56929 6.12373 7.000 0.58333 11.61085 98828 7.75299 7.06779 6.65302 6.21431 7.125 0.59375 11.67537 9.05831 7.82820 7.14773 6.73719 6.30531 7.250 0.60417 11.74010 912863 790376 6.82176 6.39672 7.375 0.61458 11.80504 9.19923 6.90625 6.48852 7.500 0.06250 11.87017 9.27101 8.05593 738991 6.99215 6.58071 7.625 0.63542 11.93552 9.34130 813254 7.47141 6.67327 0.64583 12.00106 9.41276 8.20949 7.56329 7.16412 6.76620 7.875 0.65625 12.06681 9.48450 7.25069 6.85948 8.000 0.66667 12.13276 9.55652 8.36440 7.71816 7.33765 6.95312 31