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LenKa [72]
3 years ago
15

Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents as a deduction during the en

tire duration of his education. He incurred education expenses of $15,000 during college of which $3,750 was paid for by scholarships. To finance his education, he borrowed $9,500 through a federal student loan program and borrowed another $5,500 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2019, he incurred $950 of interest on the federal loans and $550 on the lending institution loan. He filed a joint return with his spouse showing modified AGI of $113,500. What amount of student loan interest can Zach and his spouse deduct in 2019, if any
Business
1 answer:
cupoosta [38]3 years ago
3 0

Answer:

The amount of student loan interest can Zach and his spouse deduct in 2017 is $1,125

Explanation:

The amount of student loan interest can Zach and his spouse deduct in 2017 is $1,125

The amount of student loan interest can Zach and his spouse deduct in 2017 is

Education Expenses:

= $15,000 Incurred Expenses - $3,750 Scholarship

= $11,250

$11,250 / $15,000 = 75%

Interest Incurred:

= $950 Federal Loan Interest + $550 Lending Loan Interest

= $1, 500

$1,700 x 90% = $1,125

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1. Direct
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5 0
3 years ago
Caleb purchased his first home for $420,000. He made a 10% down payment and financed the remaining purchase price. The terms of
Genrish500 [490]

Answer:

In 269th Payment the principal component is greater than half of the payment

Explanation:

Amortization schedule is attached please find it.

The loan payment includes the interest and principal portion. After deducting the interest on the due balance the residual amount is paid towards the principal.  

Loan is paid per month, the amount of each payment can be calculated as follow:

Loan Payment per month = r ( PV ) / 1 - ( 1 + r )^-n

r = rate per period = 9% per year = 0.75% per month

n = number months = 30 years x 12 months per year = 360 Months

PV =  present value of all payments = $420,000

P = payment per month = ?

P = 0.75% ( $420,000 x 90% ) / 1 - ( 1 + 0.75% )^-360

P = $3,041.47 per month

Download xlsx
3 0
3 years ago
Bonita Inc. has an investment in available-for-sale securities of $65000. This investment experienced an unrealized loss of $610
Serga [27]

Answer:

Decrease by $6100

Explanation:

Any gain or loss adjustment on an investment in available-for-sale securities is accounted for under the title Other Comprehensive Income in the Statement of Profit and Loss and Other Comprehensive Income. Thus, the effect of this loss on comprehensive income will be a Decrease by $6100.

6 0
3 years ago
How is Change Management related to Baselining?
zheka24 [161]

Answer:

hope it helps..

Explanation:

Change management is an important part of project management in which the original project plan, represented by the baseline, is used to measure and assess project execution. ... The initial baseline is created by copying the data from the project after the project plan is completed, prior to starting.

8 0
3 years ago
Anne Dietz at Changi​ #3 (Singapore). Anne Dietz lives in​ Singapore, but is making her first business trip to​ Sydney, Australi
xxMikexx [17]

Answer:

a. The Singapore dollar to Australian dollar cross​ rate is (SGD = 1.00 AUD) 1.0278.

b. The number of Australian dollars Anne will get is 1,070.25 Australian dollars.

Explanation:

a. What is the Singapore dollar to Australian dollar cross​ rate?

Given:

Spot rate​ (SGD = 1.00​ USD) 1.3443

Spot rate​ (USD = 1.00​ AUD) 0.7646

These imply that:

1.3443 SGD = 1.00​ USD ..................... (1)

0.7646 USD = 1.00​ AUD ................... (2)

From equation (2), we divide through by 0.7646 to have:

0.7646 / 0.7646 USD = 1.00 / 0.7646 AUD

1.00 USD = 1.3079 AUD

Substituting this into equation (1) and solve as follows:

1.3443 SGD = 1.00​ USD = 1.3079 AUD

Dropping 1.00​ USD, we have:

1.3443 SGD = 1.3079 AUD

Dividing through by 1.3079, we have:

1.3443 / 1.3079 SGD =  1.3079 / 1.3079 AUD

1.0278 SGD =  1.00 AUD

Therefore, the Singapore dollar to Australian dollar cross​ rate is (SGD = 1.00 AUD) 1.0278.

b. How many Australian dollars will Anne get for her Singapore​ dollars?

This can be calculated as follows:

Number of Australian dollars Anne will get = Amount of Singapore dollars​ Anne wishes to exchange for Australian dollars​ / Singapore dollar to Australian dollar cross​ rate = 1,100 / 1.0278 = 1,070.24712979179 Australian dollars

Rounding to two decimal​ places as required, we have:

Number of Australian dollars Anne will get = 1,070.25 Australian dollars

Therefore, the number of Australian dollars Anne will get is 1,070.25 Australian dollars.

8 0
2 years ago
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