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Suppose you take a 10-year mortgage for a house that costs $231,675. Assume the following: The...

Suppose you take a 10-year mortgage for a house that costs $231,675. Assume the following: The annual interest rate on the mortgage is 3.8%. The bank requires a minimum down payment of 14% of the cost of the house. The annual property tax is 1.6% of the cost of the house. The annual homeowner's insurance is $825. The monthly PMI is $98. Your other long-term debts require payments of $1,607 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule?

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