Answer:
DR Supplies expense $2,800
CR Supplies $2,800
Explanation:
Opening Balance $2,100
Add Purchases $3,500
Total $5,600
Closing Balance $2,800
To determine usage for the month
=Total supplies - Closing Balance of Supplies
= $5,600 - $2,800
= $2,800
Usage for the month = $2,800
DR Supplies expense $2,800
CR Supplies $2,800
$352,696 lender stand to lose in the absence of pmi. A borrower may be required to PMI as a condition of obtaining a conventional mortgage loan.
<h3>What is Private Mortgage Insurance (PMI) ?</h3>
Private mortgage insurance (PMI) is a type of insurance that a borrower might be required to buy as a condition of a conventional mortgage loan. When a buyer puts down less than 20% of the home's price, the majority of lenders demand PMI.
In contrast to most insurance types, this one safeguards the lender's investment in the house, not the policyholder. However, PMI enables some people to purchase a home more quickly. PMI makes it possible for people to get financing if they decide to put down between 5% and 19.99% of the home's cost.
It does, however, incur additional monthly expenses. Until they have built up enough equity in the property that the lender no longer views them as high-risk, borrowers must continue to pay their PMI.
Formula for calculating PMI :Divide the loan amount by the property value. Then multiply by 100 to get the percentage. If the result is 80% or lower, your PMI is 0%, which means you don't have to pay PMI.
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Answer: $6,600
Explanation: According to the question, The price elasticity of demand for cars is unitary meaning that any percentage increase or decrease in price of a product will give an equal increase or decrease in the demand for the product.
If cars are sold at $20,000 and current sales is 30 units. To increase the quantity sold to 50 units, there must be a price reduction.
what percentage of increase in quantity to be sold do we have? 50 - 30 = 20
20/30 = 66.67 appx 67%
Meaning that a 67% decrease in price of the car will give an equal 67% increase in sales quantity.
The new price of the car will be $20,000 * 67% = $13,400
new price = $20,000 - $13,400 = $6,600
Answer:
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Explanation:
Nature of Economic Theory: Economic theory involves generalisations which are statements of general tendencies or uniformities of relationships among various elements of economic phenomena. A generalisation is the establishment of a general truth on the basis of particular experiences.
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