Business

Malcolm Blackburn

29 May, 02:49

Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 20-year mortgage at 5.0 percent. Their annual property taxes are expected to be $1,550. Property insurance is $630 a year, and the condo association fee is $250 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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