Question: Hello, this is a practice problem for a class I'm struggling with. The professor isn't much help, I'd really appreciate if someone here can answer

Hello, this is a practice problem for a class I'm struggling with. The professor isn't much help, I'd really appreciate if someone here can answer this and break it down so I can follow the logic and see where I'm going wrong with these problems.

Hello, this is a practice problem for a class I'm struggling with.

Suppose you take out a 20-year mortgage for a house that costs $290,400. 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 0.8% of the cost of the house. . The monthly PMI is $82 . Your other long-term debts require payments of $882 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

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