Suppose you take a 15-year mortgage for a house that costs $253,368. Assume the following: The annual interest rate on the mortgage is 4.4%. The bank requires a minimum down payment of 8% of the cost...

Suppose you take a 15-year mortgage for a house that costs $253,368. Assume the following:

• The annual interest rate on the mortgage is 4.4%.


• The bank requires a minimum down payment of 8% 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 $844.


• The monthly PMI is $55.

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.