Question 5 1 pts Suppose you take a 10-year mortgage for a house that costs $200,322....

Question 5 1 pts Suppose you take a 10-year mortgage for a house that costs $200,322. Assume the following: The annual interest rate on the mortgage is 4.4%. The bank requires a minimum down payment of 11% of the cost of the house. The annual property tax is 1.2% of the cost of the house. The annual homeowner's insurance is $818. The monthly PMI is $58. Your other long-term debts require payments of $1,591 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?

Round your answer to the nearest dollar.

Consider a 30-year mortgage for $451,852 at an annual interest rate of 3.6%. What is the remaining balance after 7 years?

Round your answer to the nearest dollar.

Expert Solution

jeff jeffy answered 2 years ago

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