What is the minimum gross monthly salary

Assignment Help Financial Accounting

Reference no: EM132801587

Question - Suppose you take out a 20-year mortgage for a house that costs $391,328. Assume the following:

The annual interest rate on the mortgage is 5%.

The bank requires a minimum down payment of 18% 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 $64

Your other long-term debts require payments of $782 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?

Reference no: EM132801587

Questions Cloud

How is the data used to make better decisions : What are the advantages and disadvantages of using a relational database management system? Find a case study in one industry, e.g. e-commerce.

What amount would be payable by his estate : If Mr. Harrison lived in Ontario, where probate fees are charged, what amount would be payable by his estate on the segregated fund

Identify a network in which you are familiar : Identify a network in which you are familiar. What topology is used? What, if any, penetration testing is done? What is considered best practice?

Describe the policy evaluation and policy implement : There is a relationship between policy evaluation and production identification, policy evaluation and policy implement, and policy evaluation and policy.

What is the minimum gross monthly salary : What is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously

Explain the major components of blockchain : Explain the major components of blockchain. Be sure to include how blockchain is affecting a global economy and how you see it growing in the future.

What is your tax deduction for the month : Assuming the total transaction cost is $5,000 and your marginal income tax rate is 25%. What is your tax deduction for the 3rd month

What is the monthly payment : Nick makes no down payment, borrowing the full amount of $400,000 at a fixed rate of 8 percent compounded monthly. What is the monthly payment

How detects network vulnerabilities : Need word document in "APA" format with "Two References & Citations" on network scanning software tool "NMAP or NetScan Tools Pro" and explain in 2-3 paragraphs

User Account

All Pages