Answer Happy

Suppose you take out a 20-year mortgage for a house that costs $492.931. Assume the following: The annual interest rate on the mortgage is 5%. The bank requires a minimum down payment of 20% 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 1.3% of the cost of the house, The monthly PMI is $80 • Your other long-term debts require payments of $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 28% rule and the 36% rule simultaneously? Round your answer to the nearest dollar.