Sally buys a house for $400,000 and obtains a 90% mortgage. Obtains a rate of 3.75% on a 30 year fixed rate mortgage. Due to the high leverage, she must pay 0.50% premium on the rate and Up front mortgage Insurance Premium 0.50% on the mortgage balance. The annual RE Taxes is $7,500 and Insurance is $1,500.

She also has other monthly obligations as follows: Credit Cards $1,000, Student Loans $750, and Car Loan $400

The bank uses a Front Ratio of 28.00%, and a Back Ratio of 43%

What is the annual income required to under these circumstances.