Term Rate 30 Years 25 Years 20 Years 15 Years $422 $4.74 $5.55 $6.91 Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) 3.0% 3.5 4.49 5.01 7.15 5.80 6.06 40 4.77 528 7.40 4.5 5.56 6.33 7.65 5.07 5.37 50 5.85 5.60 791 5.5 5.58 6.14 8.17 6.88 7.16 60 6.00 6.44 8.44 6.5 6.75 7.46 8.71 6.32 6.65 70 7.07 7.75 8.99 7.5 6.99 8.06 9.27 7.39 7.72 8.0 734 8.36 9.56 Ben and Carla Covington plan to buy a condominium. They will obtain a $226,000, 20-year mortgage at 70 percent. Their annual property taxes are expected to be $1,100. Property insurance is $650 a year, and the condo association fee is $220 a month. Based on these items, deterrdine 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