Question $5$

$1pts$

Suppose you take a $10-$year mortgage for a house that costs $$250,630.$ Assume the following:

The annual interest rate on the mortgage is $3\mathrm{.}5\%.$

The bank requires a minimum down payment of $9\%$ of the cost of the house.

The annual property tax is $1\mathrm{.}2\%$ of the cost of the house.

The annual homeowner's insurance is $$623.$

The monthly PMI is $$70.$

Your other long$-$term debts require payments of $$1,737$ 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.