Suppose you take out a 20-year mortgage for a house that, Ask an Expert

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Suppose you take out a 20-year mortgage for a house that costs $324142. Assume the following:

The annual interest rate on the mortgage is 3%.

The bank requires a minimum down payment of 19% at the time of the loan.

The annual property tax is 2.4% of the cost of the house.

The annual homeowner's insurance is 1.2% of the cost of the house.

The monthly PMI is $84

Your other long-term debts require payments of $887 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?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92772222

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