Question: ANSWER ASAP please: you take a 10-year mortgage for a house that costs $221,773. The annual interest rate on the mortgage is 3.4%.The bank requires

ANSWER ASAP please: you take a 10-year mortgage for a house that costs $221,773. The annual interest rate on the mortgage is 3.4%.The bank requires a minimum down payment of 13% of the cost of the house.The annual property tax is 1.8% of the cost of the house.The annual homeowner's insurance is $858.The monthly PMI is $81.Your other long-term debts require payments of $1,941 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!