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.)

Monthly housing payment 2,033.22

Explanation:

We need to calculate the monthly cuota of the mortgage

It will be the cuota of a 30 year annuity at 7.5 rate

We should convert the year in month and the rate in monthly, because the payment are monthly.

time= 30 year so 30 x 12 = 360 months

rate = 0.075 / 12 = 0.00625 monthly

Present Value = 225,000

C = $1,573.23

Now we will calculate the propert taxes, insurance per month

2,050 /  12 = 170.83

530   /   12  =   44.16

1,573.23 + 170.83 + 44.16 + 245 = 2,033.22

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

answer; be sure that the information on file is correct;