Jewel’s offer of $150,000 for her first home has been accepted. She will make a down payment of 10%. Applied to the loan amount will be the bank’s loan-origination fee of 1% of the loan and a charge of 1.5 points. Other fees include a $50 loan-application fee, a $300 appraisal fee, and $250 for a title search and insurance. How much cash will Jewel need at the closing? Will she need private mortgage insurance (PMI)?