Suppose you take out a 20-year mortgage for a house that costs $361015. Assume the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Suppose you take out a 20-year mortgage for a house that costs $361015. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 12% at the time of the loan. The annual property tax is 2.5% of the cost of the house. The annual homeowner's insurance is 0.8% of the cost of the house. The monthly PMI is $59 Your other long-term debts require payments of $977 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?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.