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Suppose you take a 15-year mortgage for a house that costs $291,318. Assume the following: The annual interest rate on the mortgage is 3.6%. The
Suppose you take a 15-year mortgage for a house that costs $291,318. Assume the following:
- The annual interest rate on the mortgage is 3.6%.
- The bank requires a minimumdown paymentof 5% 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 $801.
- The monthly PMI is $52.
If you make the minimum down payment, what is the minimum gross monthlysalary you must earn in order to satisfy the28% rule?
Round your answer to the nearest dollar.
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