Chapter 7 Homework Saved Ben and Carla Covington plan to buy a condominium. They will obtain a $230,000, 25-year mortgage at 6.5 percent. Their annual property taxes are expected to be $2,300. Property insurance is $580 a year, and the condo association fee is $270 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.) Total monthly housing payment points Skipped 15 Years Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Term Rate 3.0% 3.5 4.0 30 Years $4.22 4.49 20 Years $5.55 5.80 6.06 $6.91 7.15 7.40 4.77 4.5 6.33 7.65 25 Years $4.74 5.01 5.28 5.56 5.85 6.14 6.44 6.75 7.07 7.39 7.72 6.60 6.88 7.16 7.91 8.17 8.44 5.07 5.37 5.68 6.00 6.32 6.65 6.99 7.34 6.0 7.46 8.71 6.5 7.0 7.5 7.75 8.06 8.36 8.99 9.27 9.56 8.0