Suppose you take out a 20-year mortgage for a house that costs $470,987. Assume the following:...

 

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Suppose you take out a 20-year mortgage for a house that costs $470,987. Assume the following: The annual interest rate on the mortgage is 5%. The bank requires a minimum down payment of 11% 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 0.6% of the cost of the house. The monthly PMI is $89 Your other long-term debts require payments of $994 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. Suppose you take out a 20-year mortgage for a house that costs $470,987. Assume the following: The annual interest rate on the mortgage is 5%. The bank requires a minimum down payment of 11% 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 0.6% of the cost of the house. The monthly PMI is $89 Your other long-term debts require payments of $994 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.

Answer rating: 100% (QA)

Heres how to calculate the minimum gross monthly salary required Step 1 Calculate the down payment a... View the full answer