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vazorg [7]
3 years ago
5

Bob got a 30 year Fully Amortizing FRM for $1,500,000 at 4%, except with non-constant payments. For the first 2 years Bob will p

ay $1,250 per month. The loan will become a fully amortizing mortgage after 2 years. What will be the balance on this mortgage after 2 years
Business
1 answer:
ikadub [295]3 years ago
5 0

Answer:

$1,593,535.83

Explanation:

Future Value of mortgage determines the future value of a mortgage after payments have been made, at a regular frequency, charged a regular rate of interest, compounded at payment dates.

DATA

PV = $1,500,000

N = 24

r = 0.04/12

PMT = $1250

FV =?

Solution

PV = (PMT/r)*[1 – 1/(1 + r)^N] + FV/(1 + r)^N

1,500,000 = (1250/(0.04/12)) * (1 – 1/(1 + 0.04/12)^24) + FV/(1 + 0.04/12)^24

1,500,000 = 28785.31353687 + 0.92323916 FV

FV = (1,500,000 - 28785.31353687)/ 0.92323916

FV = $1,593,535.83

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Lenore, Inc. gathered the following information from its accounting records and the October bank statement to prepare the Octobe
Rashid [163]

Answer:The up-to-date ending cash balance on October 31 is: $8,290---C

Explanation:

A bank Reconciliation statement helps to match a company's book record to its bank record and adjust discrepancies, If any.

Here, the deposits in transit and outstanding checks fall under the bank's accounting records and will not be involved in the company's additions or deductions in the accounting book balance records.

Ending cash balance as per books = $7,000

Add:

Interest received from Bank =           +$1,700

subtotal                                                $8,700                    

Deduct

Bank Service charge =                        -$60

NSF check =                                        -$350

Up-to-date ending cash balance =     $8,290

4 0
3 years ago
The process of attracting individuals on a timely basis, in sufficient numbers, and with appropriate qualifications, to apply fo
irina1246 [14]

Answer:

recruitment is the correct answer.

Explanation:

  • Recruitment is a process of hiring and selecting the right and qualified person for a vacant position.
  • The recruitment process involves selecting a required candidate, sourcing attracting, investigating the job qualifications, screening, analyzing the application, strategy development, evaluation and shortlisting.
  • The advantages of the Recruitment process are increased applicant quality, increase manager satisfaction and improve employment name.
4 0
4 years ago
If a bushel of wheat costs $6.40 in the US and costs 40 pesos in Mexico and the nominal exchange rate is 10 pesos per dollar, th
Akimi4 [234]

Answer:

a. Import more bushels of wheat from Mexico

Explanation:

When the real exchange rate is higher than one, a country is likely to import more, since goods are cheaper in the other country than locally. In this example, a bushel of wheat, in the US, costs $6.40, while in Mexico, the same product costs:

P=40\ pesos *\frac{\$1}{10\ pesos}\\ P=\$4

Therefore, the US will Import more bushels of wheat from Mexico.

4 0
3 years ago
When a foreman orders an assembly-line employee to carry out a task that the employee perceives as unethical, yet the employee f
Dmitry_Shevchenko [17]

Answer:

D) Legitimate power.

Explanation:

What is power exercising?

It is known that leaders have diverse styles. However, there is also a concept of exercising power which only identifies what power a figure is utilizing. There are eight powers of leaders.

Legitimate power: The power a leader use when he has a certain position in the company.

Foreman has authority over it's employees that's because the employee is compelled to do as the foreman is saying.

6 0
4 years ago
Q 8.14: The financial statements of the Imagine Company report net sales of $1,000,000 and accounts receivable of $700,000 and $
sesenic [268]

Answer:

2 times

Explanation:

The computation of accounts receivable turnover is shown below:-

Account receivable turnover ratio = Net credit sales ÷ Average accounts receivable

where,

Net credit sales is $1,000,000

And, the Average accounts receivable is

= (Accounts receivable, beginning of year + Accounts receivable, end of year) ÷ 2

= ( $700,000 + $300,000) ÷ 2

= $500,000

Accounts receivable turnover = Net sales ÷ Average accounts receivable

= $1,000,000 ÷ $500,000

= 2 times

6 0
4 years ago
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