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QUESTION
The annual interest rate on the mortgage is 5 % The bank requires a minimum down payment of 15% at the time of the loan The annual property tax is 1...
Suppose you take out a 20-year mortgage for a house that costs $472288. Assume the following:
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?
The annual interest rate on the mortgage is 5 %The bank requires a minimum down payment of 15% at the time of the loanThe annual property tax is 1 8% of the cost of the houseThe annual homeowner's insurance is 1 5 % of the cost of the houseThe monthly PMI is $54Your other long-term debts require payments of $747 per month .