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Suppose you take a 10-year mortgage for a house that costs $246,367. 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 $246,367. 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 $1,384 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?
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