Ben and Carla Covington plan to buy a condominium. They will obtain a $225,000, 30-year mortgage at 7.5 percent. Their annual property taxes are expected to be $2,050. Property insurance is $530 a year, and the condo association fee is $245 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.)