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
Sati [7]
3 years ago
8

An FHA-insured loan in the amount of $157,500 at 5.5% for 30 years closed on July 17. The first monthly payment is due on Septem

ber 1. Using a 360-day year and assuming that interest is being paid for the day of closing, what was the amount of the interest adjustment the buyer had to make at the settlement?
Business
1 answer:
uranmaximum [27]3 years ago
6 0

Answer:

the amount of the interest adjustment is $336.875

Explanation:

The computation of the amount of the interest adjustment is as follows;

= Principal × rate of interest × number of days ÷ total number of days

= $157,500 × 5.5% × 14 days ÷ 360 days

= $336.875

Hence, the amount of the interest adjustment is $336.875

Therefore the given formula is applied

You might be interested in
Two ways Brexit benefits the US? I don't need anything about why it doesn't, just need two reasons why it does.
Annette [7]

1. Potentially enables US to trade with UK on better terms (than previously allowed when UK was a member of the EU)

2. Expected that Brexit will enable UK government to award National Health Service contracts to US suppliers

3. Brexit weakens the EU and hence makes US/NAFTA relatively stronger

3 0
2 years ago
A company has a minimum required rate of return of 8% and is considering investing in a project that costs $175,000 and is expec
Daniel [21]

Answer: $5,396.79

Explanation:

The net present value is value of the after tax cash flows from an investment minus the value of the amount invested.

The net present value can be found using a financial calculator.

Cash flow for year zero = $-175,000

Cash flow for each year from year 1 to year 3 = 70,000

I = 8%

NPV =$5,396.79

I hope my answer helps you

5 0
3 years ago
On January 1, Year 1, Stiller Company paid $200,000 to obtain a patent. Stiller expected to use the patent for 5 years before it
NeX [460]

Answer:

a. The amount of amortization expense during Year 3 is $40,000.

b.The book value of the patent as of December 31, Year 3 is $80,000.

Explanation:

For amortization of patient, it is done using which one is shorter between the useful life and legal life.

We therefore use the useful life in this question since it is the one that is shorter to amortize as follows:

Annual amortization expenses = $200,000 ÷ 5 = $40,000

Accumulated annual amortization for 3 years = $40,000 × 3 = $120,000

Book value of the patent in year 3 = $200,000 - $120,000 = $80,000

Therefore, the amount of amortization expense during Year 3 is $40,000 and the book value of the patent as of December 31, Year 3 is $80,000.

8 0
3 years ago
Read 2 more answers
State how a measured value is reported in terms of known and estimated digits
monitta
The answer is, it is reported in "<span>Significant figures".
</span>

<span>The significant figures of a number are digits that convey significance adding to its estimation determination. This incorporates all digits with the exception of: Every leading zero; Trailing zeros when they are just placeholders to show the size of the number and Spurious digits presented.</span>

8 0
3 years ago
Read 2 more answers
Which of the following is an advantage of scheduling meetings through an email system? A. You will know all the questions people
ruslelena [56]
D-you know who has agreed to attend in advace
6 0
3 years ago
Read 2 more answers
Other questions:
  • What is financing?
    7·2 answers
  • Mcmurtry Corporation sells a product for $160 per unit. The product's current sales are 12,700 units and its break-even sales ar
    15·1 answer
  • 4. The E. Harris Company issued bonds in September of 2003. When issued, the bonds had 20 years to maturity, a coupon rate of 7.
    12·1 answer
  • you are forming a new company that delivers food to residents across college campuses. the primary focus is
    6·1 answer
  • What step in the investigative process would the development of timelines and interpretation of burn patterns be related to?
    15·1 answer
  • Which component of a service is the ability to perform the service dependably, accurately, and consistently?
    8·1 answer
  • How many times did Donald trump declare bankruptcy
    7·2 answers
  • Which of the following is a function of a commercial bank? *
    15·1 answer
  • For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.
    6·1 answer
  • Select the correct answer.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!