Matt has found a condominium in an area where he would enjoy living. He would need a

$5,100

down payment from his savings and would have to pay closing costs of

$2,751

to purchase the condo. His monthly mortgage payments would be

$594

including property taxes and insurance. The condominium's homeowner's association charges maintenance fees of

$408

per year. Calculate the cost of Matt's condo during the first year if he currently has the

$5,100

down payment invested in an account earning

6%

interest.

The cost before tax benefits of Matt's condo during the first year is

$