1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Damm [24]
3 years ago
10

A buyer has deposited 10% of the sales price of a condominium with the broker as earnest money, and the bank has agreed to lend

$51,000, which is 80% of the sales price. How much additional funding must the buyer provide to complete this transaction?
Business
1 answer:
lina2011 [118]3 years ago
4 0

Answer: $6375

Explanation:

Since the bank has agreed to lend $51,000, which is 80% of the sales price, then the sales price will be:

= $51,000/80%

= $51,000/0.8

= $63750

The additional funding must the buyer provide to complete this transaction will be:

= $63750 - $51000 - (10% × $63750)

= $63750 - $51000 - $6375

= $6375

You might be interested in
Hammond Lumber has just changed from prefabricating 8 gazebos to 10 gazebos (units). Their total costs changed from $9,500 to $1
AfilCa [17]

Answer:

MC = 750

Explanation:

Below is the given values:

Initial quantity = 8

Final quantity = 10

Initial total cost = $9500

Final total cost = $11000

Marginal cost = Change in total cost / Change in quantity

Change in total cost = 11000 - 9500 = 1500

Change in quantity = 10 - 8 = 2

Marginal cost = Change in total cost / Change in quantity

MC = 1500 / 2

MC = 750

3 0
3 years ago
Define the term communication
Kazeer [188]

the imparting or exchanging of information or news.

4 0
3 years ago
You win the lottery and must decide how to take the payout. use an 8% discount rate. what is the present value of $10,000 a year
Rama09 [41]
For compounding interest, there is a formula relating the present worth (P) with the annuity (A). This is shown in the picture. The 'i' is the effective interest rate while n is the time. You should make sure that you are consistent with the units. If your time is in terms of years, your interest should be in terms of percent per year compounded yearly. Moreover, your annuity should be per yearly basis. In this case, it is already consistent so we don't need to convert. Substituting the values,

P = 10,000[(1.08^9-1)/(0.08*1.08^9)]
P = $62,468.88

8 0
3 years ago
Darryl would like to work as an accountant full time. A full-time position is not available, however, so he must accept a part-t
ivolga24 [154]

Answer: Employed.

Explanation:

Daryl is employed, because he has a job, where he works 15 hours a week. The job although it is not a full-time job still is a form of employment, where Daryl works and is paid.

5 0
3 years ago
Use the information below to answer the following question. Boxwood Company sells blankets for $60 each. The following was taken
Ilya [14]

Answer:

D. $144

Explanation:

With this method the last merchandise entered is the first to come out of existence.

At the time of the sale of May 20, the situation was as follows.

5/3 Purchase 5 units $20

5/10 Sale       3 Units

5/17 Purchase 10  units  $24

5/20 Sale       6

The cost of selling these 6 units corresponds entirely to the cost of the purchase of May 17.<em> It does not matter that there</em> are still 2 unsold units of the previous purchase in the warehouse since we are using the LIFO method. So 6 units x $24 = $144

3 0
3 years ago
Other questions:
  • Explain the term “Flag of Convenience" and how it might affect International Business.
    9·1 answer
  • Securities not listed on one of the exchanges trade in the over-the-counter market. In this exchange, dealers "make a market" by
    9·1 answer
  • At the children's hospital in seattle there are, on average, 50 births per week. mother and child stay, on average, one day befo
    5·1 answer
  • Brianna is giving a speech on job specialization for her business class. She will most likely tell the class that one of the rea
    15·1 answer
  • Morgan Manufacturing recently sold goods that cost $35,000 for $45,000 cash. The journal entries to record this transaction woul
    7·1 answer
  • Which activity is done in Step 2 of comparison shopping?
    14·1 answer
  • had the following balances and transactions during​ 2018: Beginning Merchandise Inventory 10 units at $74 March 10 Sold 7 units
    13·1 answer
  • During which step of a sale does a company or sales person ask the prospect to buy the product?
    13·1 answer
  • Flagstaff Company has budgeted production units of 7,900 for July and 8,100 for August. The direct materials requirement per uni
    13·1 answer
  • Omega Enterprises budgeted the following sales in units: January 40,000 February 30,000 March 50,000 Omega's policy is to have 3
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!