Word Problem $15-10($Algo$)[$LU $15-1(2)]$

If you buy a home with less than $20\%$ down, you wil pay an additional monthly fee, PMI $($private mortgage insurance$),$ until you read $20\%$ equity. Keep track of when you reach $20\%$ equity so you can request io heve your PME removed. Ken Buckmiller's home recert appraised at $$297000.$ His mortgege whe for $$282000$ at $5\%$ for $30$ years with P$4$eli of $$29947$ per month. what is his monthty payment plus PM$,$ His mortgoge balance is currently $$183,000.$ Has he reached $20\%$ equily? $($Use Jable $15\mathrm{.}11$

Noter Round your intermediate calculations and final answer to the nearest cont.

Monthly payment

Has he rewhed $20$Ns equity?