TABLE 15-1 Amortization table (mortgage principal and interes por $1.000) 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 $293,000. His mortgage was for $278,000 at 5% for 30 years with PMI of $259.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $178,100. Has he reached 20% equity? (Use Table 15.1) (Do not round Intermediate calculations. Round your answer to the nearest cent.) INTEREST Term In years 3%, 5 6% 614 7% 8% 100% 11% 18 13.7 10 12 162 10.30 12.10 SO 12.40 11 12.67 11.30 29 15 10.15 852 7.15 6.52 5.80 1137 1035 90 10 35 0.61 8.18 7.56 6.88 6.51 6.15 5.60 538 106) 0.25 7.91 7.29 6.60 6:20 585 5.37 505 11.11 016 3:44 7 B4 2.17 6.82 6.45 GOO 571 929 8.68 11.36 10.00 8.72 8.17 7:46 7.13 676 6.30 6.05 20 959 9.00 322 53 50 12:20 1106 1054 999 9.73 9:45 8.99 3.40 7.76 7.44 707 6.66 6.39 139 1167 1106 10:45 10.75 9.90 1622 932 666 9.09 930 74 9.09 841 78 8:22 80 Monthly payment Has he reached 20% equity? 100B Yes 80 7275 739 7.00 6.75 22 25 30 27 807 772 7.34 2.11 501 760 8.40 2.05 784 55 450 3.99 0115 999 037 35 0 1 9:0 N