Chapter 9

Ben and Carla Manchester plan to buy a condominium. They will obtain a $217,000, 20-year mortgage at 5.5 percent. Their annual property taxes are expected to be $1,812. Property insurance is $840 a year, and the condo association fee is $85 a month. Based on these items, determine the total monthly housing payment for the Manchesters. Use Exhibit 9-9. (Round time value factor to 2 decimal places and final answer to the nearest whole number.)

Total monthly housing payment Total monthly housing payment