Suppose you take a 15-year mortgage for a house that costs $208,556. Assume the following: • The annual interest rate on the mortgage is 3.9%. • The bank requires a minimum down payment of 10% of the...

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Extracted text: Suppose you take a 15-year mortgage for a house that costs $208,556. Assume the following: • The annual interest rate on the mortgage is 3.9%. • The bank requires a minimum down payment of 10% of the cost of the house. • The annual property tax is 1.9% of the cost of the house. • The annual homeowner's insurance is $863. • The monthly PMi is $78. 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.