Annie's mortgage statement shows a total payment of $603.66 with $532.99 paid toward principal and interest and $70.67 paid for taxes and insurance. Taxes and insurance for three months were collected at closing. Now, after six months of payments, she is curious about the total in her escrow account. Calculate the amount for her, and explain the account. Question content area bottom Part 1 Calculate the amount for her and explain the account. (Select the best answer below.) A. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $636.03. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner. B. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $212.01. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner. C. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $424.02. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner.
Annie's mortgage statement shows a total payment of $603.66 with $532.99 paid toward principal and interest and $70.67 paid for taxes and insurance. Taxes and insurance for three months were collected at closing. Now, after six months of payments, she is curious about the total in her escrow account. Calculate the amount for her, and explain the account. Question content area bottom Part 1 Calculate the amount for her and explain the account. (Select the best answer below.) A. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $636.03. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner. B. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $212.01. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner. C. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $424.02. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Annie's mortgage statement shows a total payment of $603.66 with $532.99 paid toward principal and interest and $70.67 paid for taxes and insurance. Taxes and insurance for three months were collected at closing. Now, after six months of payments, she is curious about the total in her escrow account. Calculate the amount for her, and explain the account.
Question content area bottom
Part 1
Calculate the amount for her and explain the account. (Select the best answer below.)
A.
Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $636.03. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner.
B.
Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $212.01. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner.
C.
Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $424.02. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowner's insurance premiums for the homeowner.
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