Ben and Carla Covington plan to buy a condominium. They will obtain a $227,000, 20-year mortgage at 6.5 percent. Their annual property taxes are expected to be $1,250. Property insurance is $650 a year, and the condo association fee is $230 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 Term Rate 30 Years 25 Years 20 Years 15 Years Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) 3.0% $4.22 $4.74 $5.55 $6.91 3.5 4,49 5.01 5.80 7.15 40 4.77 5.28 6.06 7.40 4.5 5.07 5.56 6.33 7.65 5.0 5.37 5.85 6.60 7.91 5.68 6.14 5.5 6.0 6.88 8.17 6.00 6.44 7.16 8.44 6.5 6.32 6.75 7.46 8.71 7.0 6.65 7.07 7.75 8.99 7.5 7.39 6.99 7.34 8.06 9.27 80 7.72 8.36 9.56