Annie's mortgage statement shows a total payment of $659.41 with $589.11 paid toward principal and interest and $70.30 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. 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 $210.90. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowners insurance premiums for the homeowner.
B. Assuming no monthly, quarterly or semi-annual tax or insurance withdrawals from the account, the account should total $632.70. 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 $421.80. An escrow account is a special reserve account used to accumulate the annual property (real estate) tax payments and homeowners insurance premiums for the homeowner.
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