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vlabodo [156]
3 years ago
5

Mr. Bell buys a home for an unspecified amount. He pays a down payment of $20,000 and finances the remainder for 15 years with l

evel end-of-month payments of $1,692. The annual effective interest rate for the first five years is 4%, and thereafter it is 6%. Mr. Bell sells the house just after making his 100th mortgage payment. The selling price is $258,000. How much money will Mr. Bell get at closing? (Remember, the loan holder is paid first, and then Mr. Bell receives the balance of the inflow from the resale.)
Business
1 answer:
vampirchik [111]3 years ago
8 0

Answer:

$146,105.22.

Explanation:

First, find the monthly interest rate from an effective rate of 6%

Rate = (1.06) ^ (1/12) - 1 = 0.00486755

Present value = 1692 [1 - (1.00486755) ^ - (180-100)] / 0.00486755 = 111,894.78  

At closing = 258,000 - 111,894.78 = $146,105.22

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3 years ago
Match the cost variance component to its definition.
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Answer:

1. C

2. A

3. B

4. D

Explanation:

Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.

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3 years ago
A company anticipates monthly sales of $300,000 for the months of April, May, June, and July. Materials represent 50% of sales,
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The company's total cash payments in May is $195,500 and this can be determined by preparing a cash budget.

<h3>What is a cash budget?</h3>

A cash budget is a company's estimation of its cash inflows and outflows over a specified period of time. A cash budget provides a company with financial insight into its cash requirements, including shortages and surpluses.  The preparation of a cash budget helps the company to determine an efficient use of its available cash.

Data and Calculations:

                                                April            May           June            July

Anticipated sales             $300,000   $300,000   $300,000    $300,000

Purchases                           150,000    $150,000       150,000       150,000

Labor costs                           16,000        19,000         16,000          21,000

Fixed overhead                    12,000        12,000         12,000          12,000

General and admin. exp.      2,000          2,000          2,000           2,000

Interest expense                                       2,500

Equipment purchase                               10,000

Total cash payments in May             $195,500

Thus, the company's total cash payments in May is $195,500.

Learn more about cash budgets at brainly.com/question/8707644

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