4. 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. (LO7.2)