All categories

3 years ago

When you take out a mortgage your home becomes the collateral. True or Fals

Business

1 answer:

gogolik [260]3 years ago

7 0

Answer:

The statement is true.

Explanation:

Mortgage is the long term loan which is issued by the financial institution like banks. These are those loans which are obtained or acquired for a large amount of finance required.

For example, an entrepreneur need a 50 million for the business expansion. Therefore, in this case, usually a house is worth the amount so it is offered as collateral security.

And if entrepreneur fails to make the payment to the lender that is bank, in that case, the bank has an option of claiming the ownership of the property. This result in seizing the mortgage collateral.

You might be interested in

The Josey Company purchased equipment for $21,000 on October 1. It is estimated that annual depreciation on the computer will be

zimovet [89]

Answer:

Explanation:

4 0

3 years ago

On July 31, 2022, Cullumber Company had a cash balance per books of $6,360.00. The statement from Dakota State Bank on that date

Bogdan [553]

Answer:

Please see explanation below

Explanation:

Cullumber Company

Bank reconciliation statement

Cash balance per bank statement $7,910.80

Add: Deposits in transit $1,316.30

$9,227.1

Less outstanding checks ($1,975.10)

Adjusted cash balance per bank $7,252

Cash balance per books $6,360

Add Electronics funds transfer received $1,635

Totalled $7,995

Less:

Bank service charge $17

NSF check $690

Error in recording check no. 2480

($384 - $348) $36

Total balance to be deducted ($743)

Adjusted cash balance per books $7,252

3 0

3 years ago

Which of the following is included in a standard MLA-style bibliographic entry for an interview conducted by a researcher?

Oksana_A [137]

All of the answers are correct, for the bibliographic entry you need their name, date, and the type of interview conducted.

5 0

3 years ago

Read 2 more answers

Crane Company sells 50000 units for $10 a unit. Fixed costs are $350000 and net income is $100000. What should be reported as va

koban [17]

Answer:

Variable expenses = $50,000

Explanation:

Given:

Sales price = 50,000 x $10 = $500,000

Fixed costs = $350,000

Net income = $100,000

Find:

Variable expenses

Computation:

Variable expenses = Sales price - Fixed costs - Net income

Variable expenses = $500,000 - $350,000 - $100,000

Variable expenses = $50,000

5 0

3 years ago

Given the cost formula, y = $7,000 + $1.80x, total cost for an activity level of 4,000 units would be:

zaharov [31]

The total cost for this certain activity level can be calculated by substituting 4000 to the x of the equation given above,
y = 7000 + 1.8(4000)
y = 14200

Thus, the total cost of the activity level is $14,200.

4 0

3 years ago