Question: Problem 7-4 (LO7.2) Ben and Carla Covington plan to buy a condominium. They will obtain a $231,000, 25-year mortgage at 7.0 percent. Their annual property

Problem 7-4 (LO7.2) Ben and Carla Covington plan to buy a condominium. They will obtain a $231,000, 25-year mortgage at 7.0 percent. Their annual property taxes are expected to be $2,150. Property insurance is $590 a year, and the condo association fee is $275 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

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