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dsp73
3 years ago
14

Amanda Rice has just arranged to purchase a $640,000 vacation home in the Bahamas with a 20 percent down payment. The mortgage h

as a 7 percent APR compounded monthly and calls for equal monthly payments over the next 30 years. Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of Year 8. There were no other transaction costs or finance charges. How much will Amanda’s balloon payment be in eight years
Business
1 answer:
DedPeter [7]3 years ago
7 0

Answer:

$458,197

Explanation:

I prepared an amortization schedule using an excel spreadsheet (which I attached).

purchase price $640,000

down payment $128,000

mortgage principal $512,000

APR 7%

monthly payment $3,406.35

principal's balance at the end of year 8 (month 96) = $458,197

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Auditors are required to communicate with the audit committee for all but which of the following: Group of answer choices Critic
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Auditors would comunicate with the audit committee for critical accounting practices including the significant accounting policies and practices for evaluating certain evidences related to the transaction.

   

Some of the other communications made to audit committee should be an overall audit strategy with time of the audit and significant risks involved for assessing risks and procedures regarding the transaction.

Auditors are required to solve the financial accounting problems and are not accountable for unusual insignificant transactions and procedures and policies.

To learn more about auditors and committee here,

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5 0
1 year ago
Blushing Co. had Total Assets of $105,000, which included Cash of $30,000, Accounts Receivable of $15,000 Merchandise Inventory
madam [21]

The Acid-test ratio of Blushing Co,. is 1.25.

Acid-test ratio is also known as the quick ratio. It is the ratio of a firm's current assets to its current liabilities.  It is a type of liquidity ratio. Liquidity ratio measures the ability of a firm to meet its short term obligation. The higher the acid-test ratio, the higher the liquidity of the firm.

Acid test ratio = (current asset - inventory) / current liabilities

  • Current assets - inventory = $105,000 - $60,000 = $45,000
  • Current liabilities = $60,000
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A similar question was answered here: brainly.com/question/13972407

4 0
3 years ago
The federal government purchases new defense equipment.nick receives a weekly amount from the government because he became unemp
kari74 [83]

Answer:

1. The federal government s new defense equipment is Discretionary spending

2. What Nick receives from government is because of Mandatory spending

3. Gloria's income from government is Mandatory spending

4. Government plan to build more highways is discretionary spending

5. Inpatient services Jill receives is Mandatory spending

Explanation:

Mandatory spending:

This is spending that has been made Mandatory by the law. It is certain amount of money that has been budgeted for and set aside by the government for certain programs or initiatives. It is also called entitlement spendings.

Discretionary spending:

This is a kind of spending in which the funding level is set aside each fiscal year by the Congress. It is government spending and it is implemented through the appropriation bill.

8 0
3 years ago
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madam [21]

Hey! Let's do this together.

An entitlement is a provision made in accordance with a legal framework of a society.

That shows us that we can sum up our answer to "A".

Hopefully you understand, if not we can work on it some more :)

Thanks for using Brainly!

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Answer:

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