Suppose you take out a 20-year mortgage for a house that costs $453,050. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 13% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 0.6% of the cost of the house. The monthly PMI is $53 Your other long-term debts require payments of $649 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.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Suppose you take out a 20-year mortgage for a house that costs $453,050. Assume the following:
- The annual interest rate on the mortgage is 4%.
- The bank requires a minimum down payment of 13% at the time of the loan.
- The annual property tax is 2.2% of the cost of the house.
- The annual homeowner's insurance is 0.6% of the cost of the house.
- The monthly PMI is $53
- Your other long-term debts require payments of $649 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.
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