Monthly Payments on Home Mortgages Often Include, PITI, Principal, Interest

question 6

Essay

Monthly payments on home mortgages often include, PITI, Principal, Interest, Property Taxes, and ________________ .​

---

Definitions:

Voucher

Any document that serves as proof of authority to pay cash or issue an electronic funds transfer, but for many businesses is a special form used to record data about a liability and the details of its payment.

Cash Payment

A financial transaction involving the outflow of cash from one party to another as a form of payment.

Internal Control

Methods and protocols established by an organization to guarantee the reliability of financial and accounting data, foster responsibility, and avert deceit.

Record-Keeping Function

The process of maintaining a record of business transactions and financial activities for future reference.