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# Ben and Carla Covington plan to buy a condominium. They will obtain a \$228,000, 20-year mortgage...

Ben and Carla Covington plan to buy a condominium. They will obtain a \$228,000, 20-year mortgage at 5.5 percent. Their annual property taxes are expected to be \$1,400. Property insurance is \$640 a year, and the condo association fee is \$240 a month. Based on these items, determine the total monthly housing payment for the Covingtons. Use Exhibit 7-7. (Round your intermediate calculations and final answer to 2 decimal places.)

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