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.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 3FPE

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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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