Ben and Carla Covington plan to buy a condominlum. 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. Use Exhibit 7-7. (Round your intermediate calculations and final answer to 2 decimal places.) Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount)