3 Cost of Condo. Matt has found a condominium in an area where he would enjoy living. He would need a $5,500 down payment from his savings and would have to pay closing costs of $2,841 to purchase the condo. His monthly mortgage payments would be $535 including property taxes and insurance. The condominium's homeowner's association charges maintenance fees of $455 per year. Calculate the cost of Matt's condo during the first year if he currently has the $5,500 down payment invested in an account earning 6% interest. The cost before tax benefits of Matt's condo during the first year is $ . (Round to the nearest dollar.)