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Suppose you take a 15-year mortgage for a house that costs $215,356. Assume the following: The annual interest rate on the mortgage is 4.3%. The
Suppose you take a 15-year mortgage for a house that costs $215,356. Assume the following:
The annual interest rate on the mortgage is 4.3%.
The bank requires a minimum down payment of 12% 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 $989.
The monthly PMI is $74.
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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