Question
Suppose you take a 10-year mortgage for a house that costs $222,334. Assume the following: The annual interest rate on the mortgage is 3.2%. The
Suppose you take a 10-year mortgage for a house that costs $222,334. Assume the following:
The annual interest rate on the mortgage is 3.2%. The bank requires a minimum down payment of 10% of the cost of the house. The annual property tax is 1.7% of the cost of the house. The annual homeowner's insurance is $911. The monthly PMI is $93. Your other long-term debts require payments of $1,175 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.
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