Question: Matt has found a condominium in an area where he
Matt has found a condominium in an area where he would enjoy living. He would need a $ 5,000 down payment from his savings and would have to pay closing costs of $ 2,500 to purchase the condo. His monthly mortgage payments would be $ 520 including property taxes and insurance. The condominium’s homeowner’s association charges maintenance fees of $ 400 per year. Calculate the cost of Matt’s condo during the first year if he currently has the $ 5,000 down payment invested in an account earning 5% interest.
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