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
Weisman, Inc. uses activity-based costing as the basis for information to set prices for its six lines of seasonal coats.
Airida [17]

Answer:

Results are below.

Explanation:

<u>To calculate the activities rate, we need to use the following formula:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Designing= 444,000/13,000= $34.15 per designer hour

Sizing and cutting= 4,210,000 / 169,000= $24.91 per machine hour

Stitching and trimming= 1,490,000 / 75,500= $19.73 per labor hour

Wrapping and packing= 332,000 / 32,000= $10.38 per finished unit

6 0
3 years ago
A company's board of directors votes to declare a cash dividend of $.75 per share of common stock. The company has 15,000 shares
Norma-Jean [14]

Answer:

The total amount of the cash dividend is $7,125

Explanation:

The Dividend is declared to pay all the outstanding shares in the market. Sometime the company has some treasury shares in the stocks which is deducted from the total issued shares to find the outstanding shares. In this case, the issued shares and the outstanding numbers of shares are different.

Treasury shares are those shares that are bought back by the company that issued the shares.

Use the following formula to calculate the cash dividend

Cash Dividend = Numbers of outstanding shares x Dividend rate

Where

Numbers of outstanding shares = 9,500 shares

Dividend rate = $0.75 per share

Placing values in the formula

Cash Dividend = 9,500 x $0.75 per share

Cash Dividend = $7,125

3 0
3 years ago
The slope of the demand for loanable funds curve represents the...
USPshnik [31]

Answer: c. negative relation between the real interest rate and saving.

Explanation: Savings belong to what an economy saves from its income, which in turn represents national savings. We also have the investment and the net capital flow. The balance is reached when the amount of savings equals investment and net capital flows or demand for loanable flows.

Therefore, we can say that the demand is negative when interest rates rise, since this retracts the economy and decreases the savings and thus the money available to lend.

7 0
3 years ago
Technology is defined as human ________________ in action that involves the generation of knowledge and processes to develop sys
dybincka [34]

Answer:

innovation

Explanation:

Technology is defined as human innovation in action that involves the generation of knowledge and processes to develop systems that solve problems and extend human capabilities.

To innovate is to make changes in something established, especially by introducing new methods, ideas, or products.

7 0
2 years ago
As treasury secretary, Alexander Hamilton Select one: a. wanted to eliminate the national debt. b. opposed the federal governmen
Anna35 [415]

Answer:

C) supported the creation of a national bank.

Explanation:

As the first treasury secretary, Alexander Hamilton supported the creation of a national bank because he believed it would strengthen the national economy, since the country had been recently formed.

He finally succeeded in creating the Bank of the United States in 1791, which was the first national bank of the US. The Bank of the US started operating in 1797 in Philadelphia.

5 0
3 years ago
Other questions:
  • It is important for a good economic model to predict cause and effect so that it can: explain events that have occurred and help
    12·2 answers
  • true or false: M-3 is money that people can gain access to quickly and easily to pay for goods and services.
    8·1 answer
  • The listing agreement in which a broker is entitled to a commission no matter who sells the property is known as
    13·1 answer
  • Ace Products has a bond issue outstanding with 15 years remaining to maturity, a coupon rate of 7.4% with semiannual payments of
    11·1 answer
  • On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware
    5·1 answer
  • Is the standard deviation of the sample a good estimate of the variation of salaries of TV personalities in​ general? A. ​No, be
    11·1 answer
  • Technician A says that a spark test should be performed on an engine that will not start. Technician B says that a spark test sh
    6·1 answer
  • The idea that only the government can organize economic activity in a way that promotes economic well-being fora country as a wh
    10·1 answer
  • In a flexible budget, what will happen to fixed costs as the activity level increases?A. The fixed cost per unit will remain unc
    6·2 answers
  • Write a Story for Kumquat​
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!