You get a mortgage loan on May 4 and are required to deposit $855 into the escrow

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You get a mortgage loan on May 4 and are required to deposit $855 into the escrow account at that time. Your first payment is due June 1, in the amount of $1,844.23 ($1,644.23 PI + $200 TI). The lender pays property taxes of $1,744 from your escrow account on November 15. Calculate your escrow balance at the end of the calendar year.

Assume you get a 15-year $165,000 mortgage loan at 8.2% interest, with monthly payments. Use the amortization registers of your calculator to find the balance after payment 100.

Assume you get a 15-year $165,000 mortgage loan at 8.2% interest, with monthly payments. Use the amortization registers of your calculator to find the exact amount of the final monthly payment.

Posted Date: Oct 23, 2021 01:55 AM

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You get a mortgage loan on May 4 and are required to deposit $855 into the escrow

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Expert Answer:

1 iDeposit amount in escrow account 855 iiFirst payment 184423 iiProperty tax1744 We ... View the full answer

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