Suppose you take a 10-year mortgage for a house that costs $276,341. Assume the following: • The annual interest rate on the mortgage is 4.9%. The bank requires a minimum down payment of 6% of the cost of the house. • The annual property tax is 1.1% of the cost of the house. • The annual homeowner's insurance is $697. • The monthly PMI is $94. Your other long-term debts require payments of $1,534 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? Round your answer to the nearest dollar.

Suppose you take a 10-year mortgage for a house that costs $276,341. Assume the following: • The annual interest rate on the mortgage is 4.9%. The bank requires a minimum down payment of 6% of the cost of the house. • The annual property tax is 1.1% of the cost of the house. • The annual homeowner's insurance is $697. • The monthly PMI is $94. Your other long-term debts require payments of $1,534 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? Round your answer to the nearest dollar.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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