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 $310,000. His mortgage was for $295,000 at 5% for 30 years with PMI of $329.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $173,600. 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?
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 $310,000. His mortgage was for $295,000 at 5% for 30 years with PMI of $329.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $173,600. 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?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:TABLE
15-1
Amortization table (mortgage principal and interest per $1,000)
INTEREST
Term
In years
31%
5%
5%
6%
64%
7%
7%
8%
8%
9%
10%
10%
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
12
8.52
9.25
9.51
9.76
10.02
10.29
0.56
10.83
11.11
11.39
11.67
11.96
12.25
12.54
15
7.15
7.91
8.18
8.44
8.72
8.99
9.28
9.56
9.85
10.15
10.45
10.75
11.06
11.37
17
6.52
7.29
P 56
7.84
8.12
8.40
8.69
8.99
9.29
9.59
9.90
10.22
10.54
10.86
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
7.13
7.44
7.75
8.07
8.39
8.72
9.05
9.39
9.73
10.08
25
5.01
5.85
6.15
6.45
6.76
7.07
7.39
7.72
8.06
8.40
8.74
9.09
9.45
9.81
30
4.50
5.37
5.68
6.00
6.33
6.66
7.00
7.34
7.69
8.05
8.41
8.78
9.15
9.53
35
3.99
5.05
5.38
5.71
6.05
6.39
6.75
7.11
7.47
7.84
8.22
8.60
8.99
9.37
acer
Transcribed Image Text:->
ezto.mheducation.com/ext/map/index.html?_con%3con&external_browser%3D0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fporta
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 PMIl removed. Ken Buckmiller's home recently
appraised at $310,000. His mortgage was for $295,000 at 5% for 30 years with PMIl of $329.17 per month. What is his monthly
payment plus PMI? His mortgage balance is currently $173,600. 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?
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