<span>$104,500 * 0.04 = $4,180 - $665 = $3,515</span>
Answer:
A. Prequalification
Explanation:
First, the Options to the Question
a. Prequalification
b. A contingency clause
c. A Multiple Listing Service
d. Due diligence
What is a PreQualification in Mortgage Processing
Because most persons who are interested in buying a home do not have hundreds of thousands of dollars in cash to purchase the home of their dreams, the concept of mortgage is to approach a lender who will then advance the needed sum for the purchase and then the borrower will pay the advanced sum over some time (most times up to 30 years) at an interest rate.
A PreQualification is a process through which the lender evaluates the creditworthiness of the borrower and also decide the amount of loan the borrower is entitled to. This is done through the financial documents and records made available to the lender by the borrower
One important takeaway from a prequalification is that it is an approximation of what a borrower is entitled to base solely on the information given to the lender. It is, therefore, an approximation which can be less or more when the official application for the loan is submitted.
As stated in the question, getting a prequalification helps Matt to identify and understand the areas of problems and credit report errors that may arise and then he can use the prequalification information to attend to these errors and ensure a proper application is submitted that will allow him to maximise the amount of loan that can be made available to him.
Once Matt has corrected errors and identified problems that may arise on his mortgage application, he then gathers the relevant document and goes for the first formal process in mortgage processing which is the preapproval.
200,000,000(1.03)^70= 1,583,564,382
Answer:
option (A) $29,920
Explanation:
Data provided in the question;
Purchasing cost = $40,000
Estimated life = 6 years
Salvage value = $4,000
Estimated driving life = 100,000
Vehicle driven in total till 2020 = 10,000 + 18,000 = 28,000
Now,
Using the units-of-production depreciation method
Total depreciation till 2020 = 
or
Total depreciation till 2020 = 
or
Total depreciation till 2020 = $10,080
Thus,
Book value on December 31, 2020 = Purchasing cost - Depreciation
= $40,000 - $10,080
= $29,920
Hence,
The correct answer is option (A) $29,920
Answer: The correct answer is PROJECT APPROACH
Explanation:
The Project Approach is a section in the Project Charter that describes in words the thinking that goes into the creation of the project schedule. It describes how the objectives of the project intend to be met, enlists important assumptions, and often gives references to related documents.
