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
denis-greek [22]
3 years ago
7

Jan sold her house on December 31 and took a $10,000 mortgage as part of the payment. The 10-year mortgage has a 10% nominal int

erest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS form 1040 the amount of interest that was included in the two payments she received during the year.a. What is the dollar amount of each payment Jan receives?b. How much interest was included in the first payment? How much repayment of principal was included? How do these values change for the second payment?c. How much interest must Jan report on Schedule B for the first year? Will her interest income be the same next year?d. If the payments are constant, why does the amount of interest income change over time?
Business
1 answer:
bixtya [17]3 years ago
6 0

Answer:

a) quota: $ 802.43

b) 500 and then, 484.88 for interest

   302.43 and 317.54

C) total interest: 984.88

D) the interest will decrease and the amortization over time will increase

E) as the loan has a given date. At that date the principal outstanding must be zero therefore, after each payment the principal is reduced making interest decrease as well. This decrease in interest is replaced with an increase in the amortization-

Explanation:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 10,000

time 20

rate 0.05

10000 \div \frac{1-(1+0.05)^{-20} }{0.05} = C\\

C  $ 802.426

Interest on first quota:

10,000 x 0.05 = 500

Amortization on first quota:

802.43 - 500 = 302.43

Interest in second quota:

(10,000 - 302.43) x 0.05 = 484,8785‬

amortization on second quota:

802.42 - 484,88 = 317,54‬

Interest for the year:

500 + 484.88 = 984.88

You might be interested in
Some clouds do not rain and others do because the clouds that do not rain do not have enough water in them
Alekssandra [29.7K]
That’s wise i like it
6 0
3 years ago
According to research on marital satisfaction in couples with children, the shape of the marital satisfaction curve across time
Art [367]
Increasing then decreasing.
6 0
3 years ago
6. The effects of inflation Suppose Friendly Airlines is considering signing a long-term contract with the union representing it
Alla [95]

If inflation is lower than expected, it would benefit the union and it would be a disadvantage to Friendly Airlines because the real wage increase would now be 4%.

<h3>What is inflation?</h3>

Inflation is when there is a general increase in the general price level of an economy. If inflation turns out to be lower than expected, the employers would be at a disadvantage while the employees would be at advantage because there would be an increase in their real wages.

Increase in real wage = real increase in wage + (expected inflation + actual inflation)

3% + (6% - 5%) = 4%

To learn more about inflation, please check: brainly.com/question/15692461

#SPJ1

8 0
1 year ago
A university is struggling financially, and has just formed a board of trustees and invited 25 of its wealthiest alumni to join
Pani-rosa [81]

The process adopted by the university in inviting its wealthiest alumni to join the board is an example of Co-optation.

<h3>What is Co-optation?</h3>

In business term, the term "Co-optation" is a process adopted by a firm by acculturating a smaller group with related interests because they will gain some values collectively therein.

In conclusion, the process that is adopted by the university in inviting its wealthiest alumni to join the board is an example of Co-optation.

Read more about Co-optation

<em>brainly.com/question/7715001</em>

3 0
2 years ago
Which of the following savings options pays an interest rate that changes with the market rate of interest?
SashulF [63]

I am pretty sure that the answer is the money market account
5 0
3 years ago
Other questions:
  • A company’s book value increases when a company retains its net income.<br> a) true<br> b) false
    14·1 answer
  • Dexter decides to buy a new smartphone and offset the cost by selling his old phone to one of his friends. His friend has no mon
    6·1 answer
  • Henri wants customers in his specialty tobacco store to feel at home, as if they were in their personal smoking den. He uses lig
    14·1 answer
  • The development group in a​ company's IS department is staffed primarily by​ programmers, test​ engineers, technical​ writers, a
    15·1 answer
  • You have just taken out a $ 25 comma 000 car loan with a 6 % ​APR, compounded monthly. The loan is for five years. When you make
    8·1 answer
  • On January 1 of the current year, Anna and Jason form an equal partnership. Anna contributes $50,000 cash and a parcel of land (
    15·1 answer
  • Using the following accounts and an overhead rate of 80% of direct labor cost, determine the amount of applied overhead. Work in
    9·1 answer
  • Josh is an HR Manager at RoxCom LLC. He is responsible for conducting performance appraisals for all entry-level employees in hi
    15·1 answer
  • Irene wants to make a copy of a housing design from a magazine. Which tool does she require? A.
    12·1 answer
  • According to Hackman and Oldham's job characteristics model, what type of employee would most likely be satisfied and perform at
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!