Suppose you take out a 20-year mortgage for a house that costs $439600. Assume the following:
The annual interest rate on the mortgage is 4%.
The bank requires a minimum down payment of 12% at the time of the loan.
The annual property tax is 1.7% of the cost of the house.
The annual homeowner's insurance is 1.1% of the cost of the house.
The monthly PMI is $98
Your other long-term debts require payments of $715 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.

### Recently Asked Questions

- How do i do question 2.d onwards? I managed to do questions 2 a to 2 c but im not sure on how to do question 2d

- The critical boundaries for a hypothesis test are z = +1.96 and -1.96 . If the z - score for the sample data is z = -1.50 , then what is the correct

- Consider the following reaction : SnCl 4 (l) + 2 H 2 O (l) SnO 2 (s) + 4 HCl (g) At 25°C , H = +133.0 kJ/mol and S = +401.5 J/mol·K .