Ben and carla covington plan to buy a condominium. they will obtain a $225,000, 30-year mortgage at 7.5 percent. their annual property taxes are expected to be $2,050. property insurance is $530 a year, and the condo association fee is $245 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.)

Monthly housing payment 2,033.22

Explanation:

We need to calculate the monthly cuota of the mortgage

It will be the cuota of a 30 year annuity at 7.5 rate

We should convert the year in month and the rate in monthly, because the payment are monthly.

time= 30 year so 30 x 12 = 360 months

rate = 0.075 / 12 = 0.00625 monthly

Present Value = 225,000

C = $1,573.23

Now we will calculate the propert taxes, insurance per month

2,050 /  12 = 170.83

530   /   12  =   44.16

1,573.23 + 170.83 + 44.16 + 245 = 2,033.22

c

explanation:

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