Question: Question 4 Suppose you take a 1 5 - year mortgage for a house that costs $ 2 2 8 , 9 4 0 .

Question 4
Suppose you take a 15-year mortgage for a house that costs $228,940. Assume the following:
The annual interest rate on the mortgage is 4.3%.
The bank requires a minimum down payment of 7% of the cost of the house.
The annual property tax is 1.3% of the cost of the house.
The annual homeowner's insurance is $554.
The monthly PMI is $94.
If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule?
Round your answer to the nearest dollar.
Question 4 Suppose you take a 15-year mortgage for a house

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