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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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Answer and Explanation:

Given:

                                 Product 1      Product 2         Product 3

Cost of product         $20                 $90                 $50

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Selling cost                $6                    $40                 $10

Computation:

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Product Cost                         $20                 $90                 $50

N.R.V                              ($40-$6)=$34  ($120-$40)=$80  ($70-$10)=$60

Per Unit Inventory Value      $20                 $90                 $50

4 0
3 years ago
Farron Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
photoshop1234 [79]

Answer:

Unit product cost= $84

Explanation:

Giving the following information:

Units produced 8,700

Direct materials $13

Direct labor $55

Variable manufacturing overhead $1

Fixed manufacturing overhead $130,500

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 130,500/8,700= $15

Unit product cost= 13 + 55 + 1 + 15= $84

5 0
3 years ago
During the meeting malcolm constantly reminds the rest of the team that he is in charge of this project, and it must be carried
sattari [20]
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8 0
3 years ago
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The category that is generally considered to be the best measure of a company's ability to continue as a going concern is A. cas
saul85 [17]

Answer:

D. cash flows from operating activities

Explanation:

Operating activities include the functions of a business with respect to providing its goods and services to the market. Operating activities for a company include sales, manufacturing, marketing activities and advertising. The category that is generally considered to be the best measure of a company's ability to continue as a going concern is cash flows from operating activities.

8 0
3 years ago
Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures:
Llana [10]

Answer:

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Explanation:

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Property tax rate=[($108 million- $50 million)/($2,000 million-$550 million)]

Property tax rate=$58 million/$1,450 million

Property tax rate=4%

8 0
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