Suppose you take a 10-year mortgage for a house that costs$234,834. Assume the following: The annual interest rate on themortgage is 3.3%. The bank requires a minimum down payment of 12%of the cost of the house. The annual property tax is 2% of the costof the house. The annual homeowner's insurance is $863. The monthlyPMI is $91. Your other long-term debts require payments of $1,589per month. If you make the minimum down payment, what is theminimum gross monthly salary you must earn in order to satisfy the36% rule? Round your answer to the nearest dollar.
