Question
Suppose you take a 10-year mortgage for a house that costs $246367. Assume the following: The annual interest rate on the mortgage is 4.9%. The
Suppose you take a 10-year mortgage for a house that costs $246367. Assume the following: The annual interest rate on the mortgage is 4.9%. The bank requires a minimum down payment of 15% of the cost of the house. The annual property tax is 1.2% of the cost of the house. The annual homeowner's insurance is $823. The monthly PMI is $62. Your other long-term debts require payments of $1384 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started