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Calculate the cost of matts condo

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Matt has found a condominium in an area where he would enjoy living. He would need a $5,000 down payment from his savings and would have to pay closing costs of $2,500 to purchase the condo. His monthly mortgage payments would be $520 including property taxes and insurance. The condominium´s homeowner´s association charges maintenance fees of $400 per year. Calculate the cost of Matt´s condo during the first year if he currently has the $5,000 down payment invested in an account earning 6% interest.

Reference no: EM132752350

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