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ozzi
3 years ago
9

You plan to purchase a $330,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 8.00

percent, or a 20-year mortgage with a rate of 7.00 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate the amount of interest and, separately principal paid on each mortgage. What is the difference in interest pald? b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages? (For all requlrements, do not round Intermediate calculations. Round your answers to 2 declmal places. (e.g. 32.16)) Interest under 20-year mortgage Interest under 30-year mortgage Difference in interest paid b Monthly payment under 20-year mortgage 1,937.14 Monthly payment under 30-year mortgage Diflerence in monthly payment

Business
1 answer:
neonofarm [45]3 years ago
4 0

Answer:

Please see attachment

Explanation:

Please see attachment

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Rusties Company recently implemented an activity-based costing system. At the beginning of the year, management made the followi
Delicious77 [7]

Answer:

a.  Labor Cost Rate=   13 $ per DLH

b.  Purchase orders Rate= $ 3 per order

c. Product testing Rate =   $ 15 per test

d. Template etching Rate = $ 23 per template

e. General factory Rate=   $ 6 per MHs

Explanation:

Data

Activity            Activity                Expected Overhead       Expected

Cost Pool      Measure                  Cost                              Activity

Labor-related Direct labor-hours $16,380                 1,260 DLHs

Purchase orders Number of orders $1,920                 640 orders

Product testing Number of tests    $4,275                285 tests

Template etching Number of templates $805          35 templates

General factory Machine-hours          $42,600            7,100 MHs

The activity rate can be obtained by dividing the  total cost of each activity with the total cost of the driver allocated to it.

Calculations

Activity Rate = Expected Overhead Cost/ Expected Activity

a.  Labor Cost Rate=   $16,380   /  1,260 DLHs=  13 $ per DLH

b.  Purchase orders Rate=  $1,920/  640 orders= $ 3 per order

c. Product testing Rate =  $4,275 /285 tests= $ 15 per test

d. Template etching Rate = $805 /35 templates= $ 23 per template

e. General factory Rate=  $42,600/ 7,100 MHs= $ 6 per MHs

3 0
3 years ago
If the required rate of return on a bond (rd) is greater than its coupon interest rate and will remain above that rate, then the
LenKa [72]

Answer:

True

Explanation:

until the bond matures the market value of the bond will always be below its par value. Especially if the required rate of return on a bond (rd) is greater than its coupon interest rate.

Hence the statement is very true.

5 0
3 years ago
Stellar Company borrowed $37,200 on November 1, 2020, by signing a $37,200, 9%, 3-month note. Prepare Stellar’s November 1, 2020
Fynjy0 [20]

Answer:

Explanation:

The journal entries are shown below:

(A) Cash A/c Dr $37,200

           To Notes payable A/c $37,200

(Being note is issued for cash)

(B) Interest expense A/c Dr $558

         To Interest payable A/c  $558

(Being accrued interest adjusted)

The interest expense would be

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $37,200 × 9% × (2 months÷ 12 months)

= $558

The two months is calculated from November 1 to December 31

(C) Interest expense A/c Dr $279

    Interest payable A/c Dr $558

   Notes payable A/c Dr $37,200

                                      To Cash A/c $38,037

(Being cash is paid on maturity)

The computation is shown below

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $37,200 × 9% × (1 months÷ 12 months)

= $279

The two months is calculated from the  December 31 to February 1

7 0
2 years ago
Davis purchased a brand-new television in six years ago for $1,200. This year, a fire occurred in his house and damaged his tele
prohojiy [21]

Answer: The correct answer is the current cost of the television.

Explanation: When insurance coverage is for replacement value it means that if the insured suffers a loss they will receive the cost to replace the item. In this case, the television was $1,200 when he purchased it six years ago. If the same television is $2,000 to replace it, then he will receive the $2,000, not the $1,200 that he originally paid for it.

7 0
3 years ago
Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for t
Mars2501 [29]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $8.

Purchases

Jan. 10: 5,000 units at $9= $45,000

Jan. 18: 6,000 units at $10= $60,000

Totals= 11,000 units for $105,000

Sales:

Jan. 5: 3,000 units

Jan. 12: 2,000 units

Jan. 20: 4,000 units

Total= 9,000 units

8,000 units were on hand at the end of the month.

1) FIFO (first-in, first-out) Periodic system

COGS= 6000*8 + 3000*9= $75,000

Inventory= 2000*9 + 6000*10= $78,000

2) LIFO (last-in, first-out) Periodic system.

COGS= 6000*10 + 3000*9= $87,000

Inventory= 6000*8 + 2000*9= $66,000

3) LIFO, Perpetual system.

COGS= 3,000*8 + 2,000*9 + 4,000*10= $82,000

Inventory= 3,000*8 + 3,000*9 + 2,000*10= $71,000

4) Weighted average; Periodic system.

Price= (8+9+10)/3= 9

COGS= 9,000*9= $81,000

Inventory= 8,000*9= $72,000

5) Weighted average, perpetual system

COGS= 3,000*8 + 2,000*8.5 + 4,000*9= $77,000

Inventory= 8,000*9= $72,000

4 0
2 years ago
Read 2 more answers
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