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Andreyy89
3 years ago
15

The plaintiff in a product liability lawsuit has suffered $100,000 worth of damages from an automobile accident. A defect in man

ufacture of the plaintiff's vehicle is found to be 60 percent responsible for the accident, while the plaintiff's own negligence is 40 percent responsible. Under the doctrine of contributory negligence, how much would the defendantthe manufacturer of the vehiclehave to pay the plaintiff in damages?
Business
1 answer:
OleMash [197]3 years ago
5 0

Answer:

$60,000

Explanation:

Data provided in the question:

Damages suffered by Plaintiff from an automobile accident = $100,000

Responsibility of manufacturer in the accident = 60 percent

Responsibility of plaintiff in the accident = 40%

Now,

Under the doctrine of contributory negligence

The manufacturer will pay

= Damages suffered × Responsibility of manufacturer

= $100,000 × 60%

= $60,000

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1. Down payment = $15,000

2. The existing mortgage (loan) was for $135,000

3. The current monthly payment on the existing mortgage is $990.58

4. The total interest over the life of the existing loan = $221,609.58

6. The amount of the original loan paid off is $22,319.

7. Total amount paid to the loan company over the last 10 years is $258,928.58 ($243,928.58 + $15,000)

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13. It does not make sense to refinance because what is saved per month cannot compare with the additional interest expense to be incurred for prolonging the payments.

Explanation:

a) Data and Calculations:

1. Cost of a home = $150,000

10% down payment = $15,000

Existing Mortgage = $135,000 ($150,000 - $15,000)

Home Price  150000

 Down Payment  10 %

Loan Term  30  years

Interest Rate  8%

House Price $150,000.00

Loan Amount $135,000.00

Down Payment $15,000.00

Total of 360 (30 years * 12)

Mortgage Payments $356,609.58

Total Interest $221,609.58

Ten years after, the loan balance has been reduced by $22,319 ($135,000 - $112,682)

Refinancing calculations:

Home Price  112681

 Down Payment  0 %

Loan Term  30  years

Interest Rate  6

   

Monthly Pay:   $675.58 Monthly

Total Mortgage Payment $243,208.63

Total Out-of-Pocket $243,208.63

Total of 360 Mortgage Payments $243,208.63

Total Interest $130,527.63

 

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