Real Estate Math
A NJ buyer is told that property taxes of $1,100 per month are included in their PITI payment. If the annual tax bill is $12,600, what is the monthly escrow shortfall or surplus?
A$50 surplus✓ Correct
B$50 shortfall
C$100 surplus
D$100 shortfall
Explanation
Annual taxes = $12,600. Monthly taxes = $12,600 ÷ 12 = $1,050.
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