1a.

b.

CNBC com reported mortgage applications Increased 9.9% due to a decrease in the rate on 30 -year fixed-rate mortgages. Joe Sisneros wants to purchase a vacation home for $290,000 with 20% down. Calculate his monthly payment for a 25 -year mortgage at 6.5\%. Calculate total Interest. (Use Table 15.1.) Note: Round your intermediate calculations and final answers to the nearest cent. If you buy a home with less than 20% down, you will pay an additional monthly fee. PMI (prlvate mortgage Insurance), until you reach 20% equlty. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller's home recently appraised at $292,000. His mortgage was for $277,000 at 5% for 30 years with PMl of $249.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $170,500. Has he reached 20% equity? (Use Table 15.1.) Note: Round your Intermediate calculations and final answer to the nearest cent. Amartioation tahle /morteasa nrincinal awd intarest nar 81nnn \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline 6.875 & 0.57292 & 11.54653 & 8.91854 & 7.67814 & 6.98825 & 6.56929 & 6.12373 \\ \hline 7.000 & 0.58333 & 11.61085 & 8.98828 & 7.75299 & 7.06779 & 6.65302 & 6.21431 \\ \hline 7.125 & 0.59375 & 11.67537 & 9.05831 & 7.82820 & 7.14773 & 6.73719 & 6.30531 \\ \hline 7.250 & 0.60417 & 11.74010 & 9.12863 & 7.90376 & 7.22807 & 6.82176 & 6.39672 \\ \hline 7.375 & 0.61458 & 11.80504 & 9.19923 & 7.97967 & 7.30880 & 6.90675 & 6.48852 \\ \hline 7.500 & 0.06250 & 11.87017 & 9.27101 & 8.05593 & 7.38991 & 6.99215 & 6.58071 \\ \hline 7.625 & 0.63542 & 11.93552 & 9.34130 & 8.13254 & 7.47141 & 7.07794 & 6.67327 \\ \hline 7.750 & 0.64583 & 12.00106 & 9.41276 & 8.20949 & 7.55329 & 7.16412 & 6.76620 \\ \hline 7.875 & 0.65625 & 12.06681 & 9.48450 & 8.28677 & 7.63554 & 7.25069 & 6.85948 \\ \hline 8.000 & 0.66667 & 12.13276 & 9.55652 & 8.36440 & 7.71816 & 7.33765 & 6.95312 \\ \hline \end{tabular}