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.) Note: Round your intermediate calculations and final 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 $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.) Note: Round your intermediate calculations and final 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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Rate of interest 5 equals 5.36822 of 30 years
Transcribed Image Text: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.)
Note: Round your intermediate calculations and final answer to the nearest cent.
Monthly payment
Has he reached 20% equity?
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