Suppose you take a 15-year mortgage for a house that costs $208,556. Assume the following: • The annual interest rate on the mortgage is 3.9 %. • The bank requires a minimum down payment of 10% of the cost of the house. • The annual property tax is 1.9% of the cost of the house. • The annual homeowner's insurance is $863. • The monthly PMI is $78. If you make the minimum down payment, what is the minimum gross monthly salary you must sarn in 9order to satisfy the 28% rule?

Suppose you take a 15-year mortgage for a house that costs $208,556. Assume the following: • The annual interest rate on the mortgage is 3.9 %. • The bank requires a minimum down payment of 10% of the cost of the house. • The annual property tax is 1.9% of the cost of the house. • The annual homeowner's insurance is $863. • The monthly PMI is $78. If you make the minimum down payment, what is the minimum gross monthly salary you must sarn in 9order to satisfy the 28% rule?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 12P

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