Suppose you take a 15-year mortgage for a house that costs $253,368. Assume the following: The annual interest rate on the mortgage is 4.4%. The bank requires a minimum down payment of 8% 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 $844. The monthly PMI is $55. 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.

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A: Formulas:

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A:

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A: 1)  Loan Amount = 80% of 415,000 = $332,000.

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A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

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Q: maximum loan

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.