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Suppose you take a 15-year mortgage for a house that costs $236,127. Assume the following: The annual interest rate on the mortgage is 4%. The
Suppose you take a 15-year mortgage for a house that costs $236,127. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 14% 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 $600. The monthly PMI is $87. 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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