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Paul [167]
2 years ago
12

A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as non-payment is: Select one:

a. Prepayment. b. Subordination. c. Defeasance. d. Acceleration.
Business
1 answer:
ivolga24 [154]2 years ago
8 0

A mortgage clause that states that the mortgage is due and payable upon certain conditions, such as the non-payment is the option(d) i.e, the Acceleration clause.

<h3>What is a mortgage clause?</h3>

A provision in an insurance policy (such as a fire insurance policy) that allows the designated mortgage to receive payment for property damage or loss.

There are different types of clauses:

  • Acceleration clause
  • Due-On-Sale clause
  • Prepayment Penalty clause
  • Subordination clause
  • Release clause

If the borrower breaches the conditions of the agreement, an acceleration clause in a mortgage or trust deed states that the entire obligation is payable immediately. Additionally, it will specify the circumstances under which a lender may request full loan payback. For instance, home loans frequently feature an acceleration provision that kicks in after a certain number of missed payments.

Most of the time, it is harmful to accelerate a loan. Typically, it denotes that the borrower has fallen behind on payments or broken the terms of the agreement, and the lender is requiring prompt repayment of the whole loan balance to avoid foreclosure.

To know more about mortgage clause refer to: brainly.com/question/13964240

#SPJ4

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The following accounts and account balances are available for Badger Auto Parts at December 31, 2019:
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Answer is solved and explained in the explanation section below.

Explanation:

In this question, we are asked to prepare a trial balance assuming that all accounts have normal balances. And the purpose of making a trial balance is to make sure that the entries in the system are mathematically sound.

So,

Badger Auto Parts                                         Debit                Credit

Accounts payable                                                                   $8,500

Accounts receivable                                    $40,800

Accumulated depreciation (furniture)                                    $47,300

Advertising expense                                    $29,200

Cash                                                              $3,200

Common stock                                                                        $100,000

Cost of goods sold                                       $184,300

Depreciation expense (furniture)                $10,400

Furniture                                                       $128,000

Income tax expense                                    $3,800

Income tax payable                                                                 $3,600

Interest expense                                          $6,650            

Interest payable                                                                       $1,800

Inventory                                                       $60,500

Notes payable                                                                         $50,000

Prepaid rent                                                  $15,250

Retained earnings                                                                   $15,900

Sales revenue                                                                          $264,700

Utilities expense                                           $9,700

Totals                                                            $491,800         $491,800

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