A borrower is looking for a $1,000,000 house and plans on putting down 10% of the purchase price. The taxes are 20,000 and the insurance is 3,900 annually. The bank is charging 4.25% interest rate on a 30-year self-liquidating mortgage plus 1% origination fee. PMI is 3/8% additional on the rate. Given the borrower has 3 months left of student loans of $700 per month, credit cards of $2,500 a month and 48 months remaining of a car loan of $450 per month, how much does the borrower have to earn to be approved for the loan. Housing ratio is assumed to be 30% and the total ratio is 48%.