Bob and mary are financing $180,500 for a new home. their lender will approve an interest rate of 5% if bob and mary pay two discount points at closing. Cost them is $3,610.
A discount point is 1% of the loan amount. Bob and Mary are paying two points (or 2% of $180,500), which is $3,610.
What is discount points?
- Discount points are a shape of paid ahead of time intrigued that contract borrowers can buy to lower the intrigued rate on their consequent month to month payments.
- Discount points are a one-time expense, paid up front either when a contract is to begin with orchestrated or amid a refinance.
- Each markdown point for the most part costs 1% of the overall credit and brings down the loan’s intrigued rate by one-eighth to one-quarter of a percent.
- Points don’t continuously got to be paid out of the buyer’s stash; they can some of the time be rolled into the advance adjust or paid by the vender.
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Answer and Explanation:
The computation of each part is to be shown in the attachment. The one statement is of final values and the other one is of formula sheet.
This one applied for all the things which need to be find out
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We use the RATE formula for determining the rate of return and the same is to be considered
A measure such as direct labor-hours or machine hours used to assign overhead costs to products and services is called a cost driver or an allocation base.
An entity allocates its overhead costs on the basis of an allocation base. An allocation basis is a measurement, such as the amount of square footage occupied, kilowatt hours consumed, or machine hours used.
Cost accounting assigns overhead expenses using an allocation base. An allocation base can be a quantity, such as the amount of machine hours used, kWh spent, or occupied square footage.
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A trial court hears witnesses testify and examines other information presented to prove the alleged facts and render a legal decision. An appellate court is concerned with the application of law in the decision of a lower court and may affirm, reverse, amend, or remand the decision of a lower court.
Answer:
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