Ben and carla covington plan to buy a condominium. they will obtain a $220,000, 30-year mortgage at 5 percent. their annual property taxes are expected to be $1,800. property insurance is $480 a year, and the condo association fee is $220 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 $

The total using monthly housing payment is 1371.01.

The monthly payment on a house usually comprises of four parts - principal, interest, taxes and insurance. Even though taxes and insurance are due only once a year, most home loan lenders require that these amounts be deposited in an escrow account . They then transfer the amounts to the respective agency when the amounts fall due. So, the value of monthly payment is:        

We need to calculate the EMI on the housing loan. This will cover the monthly payment on principal and interest

Next we calculate the monthly property taxes and insurance

Monthly property taxes      

Property insurance            

Hence the total housing payment is :

answer: b 56, 250

explanation:

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