Answer:
$228.67
Step-by-step explanation:
Given that:
Terry has a monthly mortgage payment of $979.
Terry's annual taxes are $1200 per year. That implies that his escrow each month require to posses 1/12 of that amount.
i.e 1/12 × 1200 = $100 per month.
For his homeowner's insurance which is $800 per year,
His escrow account each month is = 1/12 × 800 = $66.67
PMI = $62 per month.
Thus: The amount that is deposited into Terry's escrow account each month is the sum total of $100 + $ 66.67 + $62 = $228.67
