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ddd [48]
3 years ago
12

Laura and Martin obtain a 20​-year, ​$150 comma 000 conventional mortgage at 10.0​% on a house selling for ​$170 comma 000. Thei

r monthly mortgage​ payment, including principal and​ interest, is ​$1449.00. ​a) Determine the total amount they will pay for their house. ​b) How much of the cost will be​ interest? ​c) How much of the first payment on the mortgage is applied to the​ principal?
Business
1 answer:
Nikitich [7]3 years ago
7 0

Answer:

a) $347,760

b) $197,760

c) $199

Explanation:

a)

The Loan is paid by 240 (20 x 12 ) equal installments. These Installments include the principal and interest payment portion. Total payment to be made including interest and principal will be as follow:

Total amount = Installment amount x Numbers of installment = $1,449 x 240 = $347,760

b)

Amount Paid over the principal amount is the cost of interest on the loan

Cost of Interest = $347,760 - $150,000 = $197,760

c)

First payment of $1,449 includes the interest and principal amount. We will separate both as follow

Interest portion = $150,000 x 10% x 1/12 = $1,250

Principal Portion = $1,449 - $1,250 = $199

$199 is applied to principal.

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Vinvika [58]

Answer:

False

Explanation:

4 0
3 years ago
"The following per unit cost information is available: direct materials $10, direct labor $4, variable manufacturing overhead $3
natta225 [31]

Answer:

The target selling price =$45  

Explanation:

The target selling price is the sum of the total unit cost plus 25% of the the unit cost

The target selling price = Total per unit cost + (25% × total unit cost)

The total unit cost is the sum of all the costs involved making the product available to the consumer.

The sum of direct material cost , labour cost variable manufacturing, fixed manufacturing overhead, variable selling and administrative expenses and fixed selling and administrative expenses.

The target selling price would be determined using te steps below:

Step 1: Calculate the unit cost

Total unit cost = 10 + 4 + 3 + 10 + 1 + 8 = 36  

Total unit cost = $36

Step 2: Calculate the target selling price

Target selling price = Unit cost + (25%× unit cost)

The target selling price = 36 + (25% × 36) = $45  

The target selling price =$45  

8 0
3 years ago
Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just compl
larisa [96]

Answer:

Dr Work in Process 574,000

Dr Manufacturing Overhead 163,000

Cr Wages Payable 737,000

Explanation:

Preparation of the journal entry to record the direct and indirect labor costs incurred during the year

Based on the information given the appropriate journal entry to record the direct and indirect labor costs incurred during the year will be :

Dr Work in Process 574,000

Dr Manufacturing Overhead 163,000

Cr Wages Payable 737,000

(574,000+163,000)

(Being to record direct and indirect labor costs incurred )

3 0
2 years ago
An increasing number of companies are considering their relationships with customers as financial assets. Such firms measure suc
sladkih [1.3K]

Answer:

CUSTOMER EQUITY.

Explanation:

Customer relationship management is an approach to maintain a company's interaction with current and potential customers. It mainly focuses on customer retention and driving sales growth.

Customer equity is a result of customer relationship management. It is the total of discounted lifetime value of all the firm's customers. In other words, the more loyal a customer, the more the customer equity.

The theory of Customer Equity can be defined as the value of the potential future revenue generated by a company’s customers in the entire lifetime of the firm.

Therefore, an increasing number of companies are considering their relationships with customers as financial assets. Such firms measure success by calculating the value of their CUSTOMER EQUITY.

3 0
3 years ago
Read 2 more answers
On November 1, year 1, Jamie (who is single) purchased and moved into her principal residence. In the early part of year 2, Jami
Deffense [45]

Answer:

correct option is $31,250

Explanation:

given data

home sold gain = $45,500

to find out

gain may Jamie exclude from gross income in year 2

solution

as given November 1 purchase home February 1 sold

so we know here that Maximum exclusion will be

Maximum exclusion = $250,000 × \frac{3}{24}

Maximum exclusion = $31,250

so here $31,250 may Jamie exclude from her gross income in year 2

correct option is $31,250

7 0
3 years ago
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