An association has quarterly assessments of $500.  On December 31, 2015, they foreclosed on a lot that owed two-years worth of assessments.  On June 30, 2016, the bank foreclosed their $300,000 mortgage on the lot.  How much does the bank owe in assessments?

Jonas P. Arca

An association has quarterly assessments of $500.  On December 31, 2015, they foreclosed on a lot that owed two-years worth of assessments.  On June 30, 2016, the bank foreclosed their $300,000 mortgage on the lot.  How much does the bank owe in assessments?