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Suppose you take a 1 0 - year mortgage for a house that costs $ 2 7 2 , 2 9 9 . Assume the
Suppose you take a year mortgage for a house that costs $ Assume the following:The annual interest rate on the mortgage is The bank requires a minimum down payment of of the cost of the house.The annual property tax is of the cost of the house.The annual homeowner's insurance is $The monthly PMI is $Your other longterm debts require payments of $ per month.If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the rule?
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