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
13

A lender estimates that the closing costs on a $165,000 home loan will be $6,187.50. The actual closing costs were 3.5% of the l

oan amount. Determine if the closing costs were higher or lower than the estimate and by what percent?
Business
2 answers:
Snezhnost [94]3 years ago
7 0

Answer:

lower by 0.25%

Explanation:

Ivanshal [37]3 years ago
5 0
Home loan amount = $165,000

Estimated closing costs = $6,187.50 

% of estimated closing cost = ?

$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
x% = 0.0375
x = 0.0375 x 100 = 3.75

Therefore, estimated closing costs = 3.75% of loan amount = 3.75% of $165,000

Actual closing costs = 3.5% of loan amount = 3.5% of $165,000 = $5775

Difference in estimated and actual closing cost percent = 3.75% - 3.5% = 0.25%

The closing costs were lower than the estimate by 0.25%
You might be interested in
How do the pricing strategies for corporations differ from nonprofit organizations?
nikitadnepr [17]
Corporations get cheap, and resell for more to earn a profit, Non profit organizations usually buy and resell for what they paid for or even less, sometimes free, for example some Bible publishers. Their intent is to make something available for everyone <span>to further a particular </span><span>social cause</span>
4 0
3 years ago
1. What are some of the advantages of having different options for career education, like
Cloud [144]

Answer:

it depends who it is

Explanation:

u think defrent people are good at different things

3 0
3 years ago
A company's current assets are $30000 and current liabilities are $19000. Calculate the company's current ratio as a percentage.
drek231 [11]

Answer:

Current Ratio (in %) = 157.89473684211%  rounded off to 157.89%

The current ratio of 157.89% means that the company has 157.89% of current assets to pay off 100% or all of its current liabilities. To understand it better, we can say that to pay off every $1 of current liability, the company has $1.5789 of current assets. Thus, the company has enough current assets to pay off its current liabilities.

Explanation:

The current ratio is a measure of liquidity of a business. It is calculated by dividing the current assets by the current liabilities of the company. To express current ratio in a percentage form, we use the following formula,

Current Ratio (in %) =  [Current Assets / Current Liabilities] * 100

Current Ratio (in %) = [30000 / 19000] * 100

Current Ratio (in %) = 157.89473684211%  rounded off to 157.89%

5 0
3 years ago
Read 2 more answers
A firm purchased copper pipes a few years ago at ​$2 per pipe and stored​ them, using them only as the need arises. The firm cou
const2013 [10]

Answer:

The opportunity cost of each pipe and sunk cost of each pipe is $ 8 and $6 respectively.

Explanation:

Opportunity cost: The opportunity cost is that cost which gives the best alternatives options.

Sunk cost: The sunk cost is that cost which is incurred in the past and hence, not recovered in the future.

So, in the given question, the opportunity cost is $8 per pipe as it reflects new current price whereas, the sunk cost is $6 per pipe ($8 per pipe - $2 per pipe) that cannot be recovered in the future

5 0
3 years ago
Sara's Sensible Critters makes two kinds of catnip toys: balls (x1) and mice (x2). The relationship between demand and price for
Afina-wow [57]

Answer:

Appropriate expression for profit = MaxZ = (p1-2)x1 +(p2-3)x2

Explanation:

to calculate the appropriate expression for objective of maximizing profit, there's a need to first present our data as seen below

Now given that:

Cost of catnip ball $2

Cost of mouse = $3

Price of catnip ball = p1

Price of mouse = p2

Demand of catnip ball = x1

demand of mouse = x2

Profit of catnip ball = p1-2

Profit of mouse = p2-3

Appropriate expression for profit = MaxZ = (p1-2)x1 +(p2-3)x2

3 0
3 years ago
Other questions:
  • Describe the leadership lessons you think starbucks leadership lab provided store managers.
    15·1 answer
  • The nature of the tax system means that there is usually a trade-off between _____ and _____ ability to pay equity opportunity c
    11·1 answer
  • Pasadena Candle Inc. budgeted production of 730,000 candles for the January. Wax is required to produce a candle. Assume 13 ounc
    15·1 answer
  • Does lean management ignore some perspectives of organizational effectiveness? if so, what are the unintended consequences of th
    6·1 answer
  • Suppose the average income of a citizen of Poland is higher than the average income of a citizen of Romania. You might conclude
    10·2 answers
  • By shutting​ down, a firm A. stops receiving revenue and is stuck with its fixed costs. B. can avoid paying taxes on its previou
    11·1 answer
  • "Smokers are more likely to be murdered than nonsmokers." This statement is an example of: Select one: a. the fallacy of uninten
    15·1 answer
  • Olivia was returning from her break when her boss saw her and stated, "I noticed your break was especially long this afternoon."
    12·1 answer
  • g Firm X is a monopolist with marginal cost of $5/unit. When maximizing profit, Firm X charges a price of $24/unit. What elastic
    9·1 answer
  • Question 5 of 10
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!