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Suppose you take a 15-year mortgage for a house that costs $241,781. Assume the following: The annual interest rate on the mortgage is 3.2%. The
Suppose you take a 15-year mortgage for a house that costs $241,781. Assume the following:
The annual interest rate on the mortgage is 3.2%.
The bank requires a minimum down payment of 6% of the cost of the house.
The annual property tax is 1.1% of the cost of the house.
The annual homeowner's insurance is $715.
The monthly PMI is $71.
If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule?
Round your answer to the nearest dollar.
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