Suppose you take a 10-year mortgage for a house that costs $295,544. Assume the following:...
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Suppose you take a 10-year mortgage for a house that costs $295,544. Assume the following: The annual interest rate on the mortgage is 4.8%. The bank requires a minimum down payment of 9% of the cost of the house. The annual property tax is 1.3% of the cost of the house. The annual homeowner's insurance is $767. The monthly PMI is $87. Your other long-term debts require payments of $1,063 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule? Round your answer to the nearest dollar
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