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kolbaska11 [484]
3 years ago
6

Assume that your aunt sold her house on December 31, and to help close the sale she took a second mortgage in the amount of $10,

000 as part of the payment. The mortgage has a quoted (or nominal) interest rate of 12%; it calls for payments every 6 months, beginning on June 30, and is to be amortized over 10 years. Now, 1 year later, your aunt must inform the IRS and the person who bought the house about the interest that was included in the two payments made during the year. (This interest will be income to your aunt and a deduction to the buyer of the house.) To the closest cent, what is the total amount of interest that was paid during the first year
Business
1 answer:
adoni [48]3 years ago
8 0

Answer:

Total interest paid during the first year: $1,183.69

Explanation:

First, we need to know the installment amount:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 10,000.00

time 20

rate 0.06

10000 \div \frac{1-(1+0.06)^{-20} }{0.06} = C\\

C  $ 871.85

now we calcualte the interest and amortization made in the first payment:

interest: 10,000 x 6% = 600

Amortization 871,85 - 600 = 271,85

Principal at second installment:

10,000 - 271.85 = 9,728.15

Interest 9,728.15 x 0.06 = 583,69

Total interest: 583,69 + 600 = 1.183,69

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The Auditing Standards Board has concluded that analytical procedures are so important that they are required during planning and completion phases.

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2 years ago
Lomani Ltd acquired two new machines for cash on 1 January 2017. The cost of machine A was $400 000, plus GST, and of machine B,
PolarNik [594]

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Which is NOT an example of an expense a) advertising b)insurance c)dividends d)depreciation
docker41 [41]

Answer:

c. dividends

Explanation:

not payable... so

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3 years ago
Based in topic study materials, discuss how servant leadership contributes to competitive advantage in contemporary organization
Digiron [165]

Answer:

A servant leadership takes some additional season of theirs to engage the association’s culture that will cause the representatives to have great morals and in this way offer great administrations. It will be useful to the workers as they would have the option to deliver more in light of the fact that there will be a culture to concentrate in this manner would improve the gainfulness of the association, and in the long run improving the upper hand of the organization.  

A servant leadership demonstrates regard to representatives and by along these lines the workers get roused to give the association a decent notoriety helping it to increase serious. For example, in a client care association, the chief should demonstrate regard to the representative indicating hireling authority by giving the understanding the worker.  

Servant leadership pioneers consistently put their kin in any case. Treating the workers with genuineness, uprightness, and care and urging them an opportunity to time. For example, in a client relations association, the supervisor is required to give its representatives the right data about the association with the goal that they can advance the right data to the customers so as to improve the upper hand.  

A servant leadership has a solid conviction that accomplishment of an association can be accomplished by the commitment of each individual in the association. Consequently, the worker head will make solid groups that will collaborate and in the long run would make the business remarkable those different contenders

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3 years ago
You have three separate accounts with your bank that you can manipulate with online banking. Account "A" is a checking account w
miss Akunina [59]

Answer:

A) $10,195

Explanation:

This can be calculated as follows:

Amount in Account "B" = $12,850.25

Remaining balance after moving $2,500 from Account "B" to account "A" = Amount in Account "B" - $2,500 = $12,850.25 - $2,500 = $10,350.25

Amount moved from account "B" to account "C" = Remaining balance after moving $2,500 from Account "B" to account "A" * 1.5% = $10,350.25 * 1.5% = $155.25

Balance after moving 1.5% of the remaining balance in account "B" to account "C" = Remaining balance after moving $2,500 from Account "B" to account "A" - Amount moved from account "B" to account "C" = $10,350.25 - $155.25 = $10,195

Therefore, the correct option is A) $10,195.

6 0
3 years ago
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