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Suppose you take a 15-year mortgage for a house that costs $272,511. Assume the following: The...

Suppose you take a 15-year mortgage for a house that costs $272,511. Assume the following:

The annual interest rate on the mortgage is 4.6%.

The bank requires a minimum down payment of 7% of the cost of the house.

The annual property tax is 1.5% of the cost of the house.

The annual homeowner's insurance is $983.

The monthly PMI is $79.

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.

I'm not sure what equation you would use to determine the minimum salary, the only thing I can think of is I might need to find PITI first or something? Thanks!

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