Answer the following multiple choice questions.
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Question 1 of 2
1. Question
The purchase agreement requires the buyer to place four months’ worth of property taxes and hazard insurance in escrow. The applicable tax rate is $1.50 per $100 of assessed value; the assessed value of the property is $400,000. The premium for a three-year hazard insurance policy is $1,800. How much must the buyer place in escrow?
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Question 2 of 2
2. Question
A fire insurance policy began on April 1.
It cost $1,900.80 for three years of coverage. The insurer canceled the policy on December 15 of the same year it was issued. If you use a 360-day year, which of the following figures is closest to the premium for the unused portion of the policy?CorrectIncorrect