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Suppose you take a 15-year mortgage for a house that costs $258,625. Assume the following:...

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Accounting

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Suppose you take a 15-year mortgage for a house that costs $258,625. Assume the following: The annual interest rate on the mortgage is 3.4%. The bank requires a minimum down payment of 15% of the cost of the house. The annual property tax is 2% of the cost of the house. The annual homeowner's insurance is $719. The monthly PMI is $71. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule? Round your answer to the nearest dollar

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