Every month or so but I typically check every two weeks.
Answer:
Please see answers below.
Explanation:
A. Three important Items to double check before submitting a loan application to underwriting.
• Completeness of data : One has to be sure that all important details are captured hence none is left out. It means that there are no missing information on the application.
• Calculations performed accurately: This means that calculations such as borrower's income, qualifying ratios are calculated accurately and also double checked for the purpose of the loan underwriting.
• Documentations required by the loan programme. All Documentations required by the loan programme must be double checked before submitting a loan application to underwriting.
B. List at least two things you would be sure to tell a borrower in preparation for closing
• I will seek clarity in terms of the money borrower would be bringing to the closing table.
• The date,time,venue of closing are essential for the closing hence will be communicated to the borrower. Also, there are no right or wrong answers that may be asked or given by the borrower during the closing.
C. List at least three calculations that are typically used during the course of mortgage loan transaction.
• Income calculation
• Front end and back end ratio (DTI ratio)
• Monthly payment.
Answer:
tractor 35,127,42 debit
note payable 32,172.42 credit
cash 3,000 credit
--to record issuance--
Note payale end of 2018
39,584.19
note payables at Dec 31th
Note payable at the end of 2019
39,584.19
note payables at Dec 31th
Explanation:
As the note has zero.interest we discount the note to get the present value:
Maturity $44,000.0000
time 3.00
rate 0.11
PV 32,172.42
The difference will be a discount that will acrrue interest overtime.
the truck will enter the accounting net of interest charges thus:
3,000 downpayment + 32,127.42 = 35,127.42
interest will be: 32,127.42 x 1.11 = 32,127.41
<u><em>Then, do the same for 2019</em></u>
(32,127.41 + 3,532.0162) x 1.11 = 39,584.19
The answer is: averaged over time, Sheridan attends worship services regularly.
When we use principle of aggregation, we would not rely on single measurement to make a representation of a person's behavior. We rely more on multiple sets of measurements.
From the case above, Sheridan not attending the services for two weeks could be explained by things such as personal issues or physical illness. Since she considers herself as religious who attend regularly, it is very likely that averaged over time, Sheridan attends worship services regularly.
This is a classic example of what is termed "Pork" or "Pork barrel politics". Pork is when a legislator tries to divert federal funds to projects in their districts or State. These funds provide jobs and income for his constituents who the will repay him with votes in the next election.
