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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

A(n) ___________ account is a bank account used by mortgage lenders to accumulate next year’s property taxes and hazard insurance. (14-3)

To determine

To fill: The blank space in the statement. “A(n) _________ account is a bank account used by mortgage lenders to accumulate next year’s property taxes and hazard insurance”.

Explanation

The bank account used by the mortgage lenders for the safekeeping of funds accumulating next year’s property taxes and hazard insurance is called an escrow account.

Every year when the property taxes and hazard insurance premiums are due, the lender gives those payments from the borrower’s escrow amount...

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