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Alekssandra [29.7K]
3 years ago
8

A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. W

hat is the total amount of interest the borrower will pay over the course of the loan
Business
1 answer:
lorasvet [3.4K]3 years ago
8 0

<u>Given:</u>

Loan amount = $250000

Interest rate = 5.5%

Interest payment = $2042.71

<u>To find:</u>

Total amount of interest

<u>Solution:</u>

The total number of months in 15 years = 15\times12=180\text{ years }

Total monthly payments will be 180\times \$2042.71 = \$367687.8

So, the total pay-backs will be $3,67,687.8

Total interest paid will be as follows,

\text{Total interest paid = Total pay-backs - Loan amount}

On plugging-in the values in the above formula we get,

\Rightarrow \$3,67,687.8-\$250,000=\$1,17,687.80

Therefore, the total amount of interest that the borrower will pay over the course of the loan is $1,17,687.80.

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Equity securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses are Group
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Answer

Associate: where a company has holdings of between 20% and 50%.

Minority Interest: where a company has holdings of less than 20%

Parent Company: where a company has holdings of more than 50%.

Explanation:

<u>An associate company </u>(or associate) is a company that owns a business beyond 20% and not more than 50%. In business valuation such a company that has invested significantly in the shares of another company will have voting rights in the board of the acquired company.

<u>Minority Interest</u> is the term used to describe the investments of one company in another company, when such investments are less than 20% of the total value of the acquired company.

<u>Parent Company</u> is a company that owns more than half (50%) of the shares or value of another company.

4 0
3 years ago
The opportunity cost of​ tesla's investment in a new battery factory in nevada is
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I believe the answer is: D. <span>what the company considered to be the best-foregone option to the factory.
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5 0
3 years ago
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The
Ugo [173]

Answer:

$2,880

Explanation:

Given that,

Total machine-hours = 30,300

Total fixed manufacturing overhead cost = $ 575,700

Variable manufacturing overhead per machine-hour = $ 4.00

For Job T687:

Number of units in the job = 10

Total machine-hours = 30

Direct materials = $730

Direct labor cost = $1,460

Total variable overhead estimated:

= Variable manufacturing overhead per machine-hour × Total machine-hours

= $4 × 30,300

= $121,200

Total overhead estimated:

= Total variable overhead estimated + Total fixed overhead estimated

= $121,200 + $575,700

= $696,900

Predetermined overhead rate:

= Total overhead estimated ÷ Total machine-hours

= $696,900 ÷  30,300

= $23 per machine hour

Total overhead applied:

= predetermined overhead rate × Total machine hours for Job T687

= $23 × 30

= $690

Total job cost:

= Direct material + Direct labor + Total overhead

= $730 + $1,460 + $690

= $2,880

5 0
3 years ago
During January 2016, Wells Corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the
ivanzaharov [21]

Answer:

Inventory                        $200,000    

Cash                                                      $50,000

Notes payable                                      $150,000

Explanation:

Data provided in the question:

Cost of the inventory purchased = $200,000

Amount paid in cash =  one-fourth

= one-fourth of $200,000

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For the remaining balance signed a note i.e = $200,000 - $50,000

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Now,

This transaction will be recorded as:

Inventory                        $200,000    

Cash                                                      $50,000

Notes payable                                      $150,000

3 0
3 years ago
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