Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 25-year mortgage at 5.5 percent. Their annual property taxes are expected to be $2,250. Property insurance is $570 a year, and the condo association fee is $265 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 Exhibit 7-7 Mortgage Payment Term Rate 30 Years 25 Years 20 Years 15 Years 3.0% $4.22 $4.74 $5.55 $6.91 Factors (principal 3.5 4.49 5.01 5.80 7.15 and interest factors 4.0 4.77 5.28 6.06 7.40 per $1,000 of loan 4.5 5.07 5.56 6.33 7.65 amount) 5.0 5.37 5,85 6.60 7.91 5.5 5.68 6.14 6.88 8:17 6.0 6.00 6.44 7.16 8.44 65 6.32 6.75 7.46 8.71 7.0 6.65 7.07 7.75 8.99 7.5 6.99 7.39 8.06 9.27 8.0 7.34 7.72 8.36 9.56