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Suppose you take a 1 0 - year mortgage for a house that costs $ 2 8 5 , 0 7 6 . 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?
Round your answer to the nearest dollar.
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