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3 years ago

What is the term given to mortgage loan costs such as pest inspections, survey fees, and title insurance?

Business

1 answer:

vichka [17]3 years ago

3 0

Answer:

Services the borrower did shop for, that the buyer may find on his own.

Explanation:

Services such as a pest inspection or title insurance are services that the buyer of a house usually want, but are not mandatory for them to purchase. Therefore usually buyers must search for them on their own since they are not required by a bank.

They are different than services that a lender requires like home insurance, which a buyer must purchase.

You might be interested in

An increase in input prices causes:___________

Svetach [21]

Answer: the market supply to shift inward, driving the equilibrium price higher.

Explanation:

An increase in input prices will result into a rise in the production costs. This will result in a leftward shift of the supply curve.

Therefore, the market supply will shift inward, driving the equilibrium price higher. This simply means that there will be lesser supply of the product and hence, increase in price.

5 0

3 years ago

Corporate triple A bond interest rates for 12 consecutive months are as follows:

pashok25 [27]

Answer and Explanation:

The answer is attached below

5 0

4 years ago

So you can retire early, you have decided to start saving $500 a month starting one month from now. You plan to retire as soon a

Mashcka [7]

Answer:

It will take him 45 years

Explanation:

In this question, we are asked to calculate the number of years it would take to accumulate $1,000,000 if there is a plan to save $500 per month at an interest rate of 5%.

To solve this, we use the following mathematical formula:

Future value of annuity = Annuity payment * {(1+r)^n - 1}/r

Where r is the monthly interest rate and n is the number of months it will take.

From the question, we can identify the following;

Since he earns 5% interest on savings, the actual monthly interest rate will be 5%/12 = 0.4167% = 0.004167

Annuity payment = monthly payment = $500

Future value of annuity = $1,000,000

We substitute these values into the equation:

1,000,000 = 500 * [(1+0.004167)^n - 1]/0.004167

8.334 = (1.004167)^n - 1

1+8.334 = (1.004167)^n

9.334 = (1.004167)^n

To get n, we simply take the log on both sides of the equation

Log 9.334= nLog 1.004167

n = Log9.334/Log1.004167

n = 537 months

Question asks to calculate in years

there are 12 months in a year. The number of years it will take will be 537/12 = 44.76 years and that’s approximately 45 years

8 0

3 years ago

Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 14,000 Selling price per unit $ 16

DanielleElmas [232]

Answer:

Results are below.

Explanation:

First, we need to calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 12,000 + 87,000 - 23,000

COGS= $76,000

Traditional format income statement:

Sales= 14,000*16= 224,000

COGS= (76,000)

Gross profit= 148,000

Total selling expense= (20,000 + 14,000*1)= (34,000)

Total administrative expense= (13,000 + 14,000*1)= (27,000)

Net operating income= 87,000

Contribution format income statement:

Sales= 14,000*16= 224,000

Total variable cost= (76,000 + 14,000 + 14,000)= (104,000)

Contribution margin= 120,000

Total fixed selling expense= (20,000)

Total fixed administrative expense= (13,000)

Net operating income= 87,000

5 0

3 years ago

On January 2013, Pennington Bancorp acquired $100,000 of marketable securities and classified them as Available for Sale. On Mar

saveliy_v [14]

Answer:

b. Net Income

e. Cash from Investing Activities

Explanation:

Calculation to determine Which of the following items would be increased by the sale of the marketable securities

Using this formula

Gain from investment = Selling price of the security - Value of the security

Let plug in the formula

Gain from investment= $93,000 - $85,000

Gain from investment= $8,000

Based on the above calculation The sell of marketable security will INCREASE CASH which means that CASH FROM INVESTING ACTIVITIES will increase and NET INCOME will increase.

Therefore the items that would be increased by the sale of the marketable securities are :

b. Net Income

e. Cash from Investing Activities

4 0

3 years ago