Answer:
$100 + $66.67 + $55 = $221.67/month, which is the amount that must be deposited into Pam's escrow account each month....
Step-by-step explanation:
Pam's annual taxes are $1200 per year. It means her escrow each month needs to have 1/12 of that amount. 1200/12 = $100 per month
Her homeowner's insurance is $800 per year, that's 1/12 of that needs to be in her escrow account each month:
$800 / 12, or $66.67/month.
And PMI is $55/month
Add these three together:
$100 + $66.67 + $55 = $221.67/month, which is the amount that must be deposited into Pam's escrow account each month....
