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Suppose you take a 15-year mortgage for a house that costs $252,950. Assume the following: - The annual interest rate on the mortgage is 3%.
Suppose you take a 15-year mortgage for a house that costs $252,950. Assume the following: - The annual interest rate on the mortgage is 3%. - The bank requires a minimum down payment of 10% of the cost of the house. - The annual property tax is 1.8% of the cost of the house. - The annual homeowner's insurance is $608. - The monthly PMI is $76. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule?
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