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
seropon [69]
3 years ago
12

Vivien wants to buy a house. The house she wants is listed for $300,000, and she wants to avoid PMI insurance. She can get a fix

ed-rate mortgage at 4.25% for 30 years. Don’t worry about taxes and insurance for any of these questions, just keep in mind that those would need to be considered as well.
(a) What down payment will she need?
(b) If Vivien makes her down payment and takes out the loan described, what will be her monthly payment?
(c) If Vivien makes her down payment and takes out the loan described, what will be the total cost of the house?
Business
1 answer:
Paul [167]3 years ago
4 0

Answer:

A=$60,000; B= $1,180.66 C=$485,037.60

Explanation:

A. down payment required to avoid PMI insurance is 20%

Therefore 20% of $300,000

=$60,000

B.

Price = $300,000

Down Payment = $60,000.00

Present Value PV = -$240,000 (remaining debt after down payment),

Interest Rate I = 4.25% 12= 0.354% (for each month )

Number of Periods N = 30 × 12=360

Future Value) FV = $0

Periodic Payment PMT= iPV/ (1 - 1+ i)^-n

$1,180.66

C.

Price = $300,000

Down Payment = $60,000.00

Present Value PV = -$240,000 (remaining debt after down payment),

Interest Rate I = 4.25% 12= 0.354% (for each month )

Number of Periods N = 30 × 12=360

Future Value) FV = $0

Periodic Payment PMT= $1,180.66

total cost of the house = (PMT × N)+ down payment

$1,180.66 × 360 months = $425,037.6

$425,037.6+$60,000

=$485,037.60

You might be interested in
Sheridan Company received $135000 in cash and a used computer with a fair value of $318000 from Carla Vista Co. for Sheridan Com
sammy [17]

Answer:

The gain that  Sheridan should recognize on this exchange is $135000

Explanation:

Where Exchange Transaction lacks commercial substance, the asset that is acquired is measured at the <em>Carrying Amount or Undepreciated Cost </em> of the asset given up.

The gain will then include an <em>further consideration acquired</em> on the exchange of an asset.

<u>Entries to record the exchange are as follows :</u>

Cash $135000 (debit)

New Asset at undepreciated cost $420300 (debit)

Cost of Old asset given up $420300 (credit)

Gain on exchange $135000 (credit)

Conclusion :

The gain that  Sheridan should recognize on this exchange is $135000

6 0
3 years ago
In 2019, Alliant Corporation acquired Centerpoint Inc. for $352 million, of which $62 million was allocated to goodwill. At the
Komok [63]

Answer:

1. $34 million

2. $0

Explanation:

Given that,

Fair value of Centerpoint Inc = $256 million

Book value of Centerpoint's net assets (excluding goodwill) = $228 million

Book value of Centerpoint's net assets (including goodwill) = 290 million

1. Actual Value of Goodwill:

= Fair Value of Centrepoint Inc. - Book Value of Net assets (excluding goodwill)

= $256 million - 228 million

= $28 million

Loss on Impairment of Goodwill:

= Goodwill recorded - Actual value of goodwill

= $62 million - $28 million

= $34 million

2. In this case Fair value of ($318 million) is more than Book value ($290 million) then there will be no Impairment Loss.

It means that the loss on Impairment of Goodwill = $0.

6 0
2 years ago
A favorable balance of trade exists when a country
mariarad [96]
Saves more than it spends.
5 0
2 years ago
Brothern Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the mo
frez [133]

Answer:

$35.63

Explanation:

The formula for predetermined overhead ate is

= Predetermined fixed overhead rate ÷ Predetermined variable overhead rate

Where;

Predetermined fixed overhead rate = (Fixed overhead cost ÷ Estimated direct labor)

= $1,006,164 ÷ 34,200

= $29.42

But the predetermined variable overhead is $6.21 per machine hour

Therefore, the predetermined overhead rate is

= $29.42 + $6.21

= $35.63

7 0
3 years ago
1
Dafna11 [192]
<span>Part 1a:

</span>
<span>the transactions that create expenses for valdez services are:

a. the company paid $12,200 cash for payment on a 16-month old liability for office supplies.
b. the company paid $1,233 cash for the just completed two-week salary of the receptionist.
c. the company paid $39,200 cash for equipment purchased.
d. the company paid $870 cash for this month's utilities.
</span>


Part 1b:

The <span>general journal entries recording the transactions of Valdez services is attached.



Part 2.
</span>
<span>The income statement of Carmen Camry for the August is attached.



Part 3:

The statement of owner's equity of Carmen Camry for August is attached.



Part 4:

</span>The <span>general journal entries recording the transactions of Hannah Venedict is attached</span>

3 0
3 years ago
Other questions:
  • _______ used to create an application that is helpful in designing business process models and also helpful in simulating, optim
    11·1 answer
  • Which learned skill will help Jude develop a solid career in the accounting field?
    8·1 answer
  • 1.
    12·2 answers
  • Freddy is purchasing a new car, and he has decided that gas mileage, price, reliability, and styling are important to him. These
    7·1 answer
  • The country of Dalima has long been a substantial exporter of agricultural goods, reflecting its unusual abundance of arable lan
    5·1 answer
  • Suppose economists observe that an increase in government spending of $15 billion raises the total demand for goods and services
    7·1 answer
  • Is it better to create a product that benefits society or create a product that consumers want?
    5·1 answer
  • If your employer offers a retirement plan, it should be the first plan that you consider because your employer
    13·1 answer
  • True or false: Firms should obey all the laws, including but not limited to labor, consumer protection, and the environment. Tru
    5·2 answers
  • Match the items to their categories of goods and services.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!