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
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
