Question
Suppose you take a 10-year mortgage for a house that costs $219,719. Assume the following: The annual interest rate on the mortgage is 3.5%. The
Suppose you take a 10-year mortgage for a house that costs $219,719. Assume the following:
The annual interest rate on the mortgage is 3.5%.
The bank requires a minimum down payment of 10% of the cost of the house.
The annual property tax is 1.6% of the cost of the house.
The annual homeowner's insurance is $677.
The monthly PMI is $65.
Your other long-term debts require payments of $1,529 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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