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Suppose you take out a 20-year mortgage for a house that costs $431,984. Assume the following: - The annual interest rate on the mortgage is
Suppose you take out a 20-year mortgage for a house that costs $431,984. Assume the following: - The annual interest rate on the mortgage is 3%. - The bank requires a minimum down payment of 18% at the time of the loan. - The annual property tax is 1.6% of the cost of the house. - The annual homeowner's insurance is 1.3% of the cost of the house. - The monthly PMI is $60 - Your other long-term debts require payments of $704 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously? Round your answer to the nearest dollar
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