Final answer:
The acronym PITI stands for Principal, Interest, Taxes, and Insurance, which are the components that make up a mortgage payment.
Step-by-step explanation:
The acronym PITI stands for Principal, Interest, Taxes, and Insurance. It is used to refer to the different components that make up a mortgage payment. Principal is the amount that goes towards paying off the loan amount, while Interest is the cost of borrowing the money. Taxes refer to property taxes that are assessed by the local government, and Insurance refers to homeowners insurance or mortgage insurance.