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ANTONII [103]
3 years ago
12

Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $39,000. Assuming that she put

s 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption
Business
1 answer:
Leokris [45]3 years ago
7 0

Incomplete question. Here's the remaining part that completes question;

<em>(Use the Table 15.1(a) and Table 15.1(b)). (Round intermediate calculations and your final answers to the nearest cent.)</em>

<em />

<em>Monthly payment </em>

<em>a. 25 Years, 10.5%  </em>

<em>b. 25 Years, 11.5%  </em>

<em>c. 25 Years, 12.5%  </em>

<em>d. 25 Years, 14.0%</em>

<u>Answer:</u>

<u>Monthly payment is $104 for each assumption</u>

<u>Total interest cost</u>

<u>a. $3,276</u>

<u>b. $3,588</u>

<u>c. $3,900</u>

<u>d. $4,368</u>

<u>Explanation:</u>

Total balance left = $39,000-$7800 (20% of Cost of cottage)=$31,200

a) For monthly payment

$31,200/300 months (equivalent For 25 years) = $104

Total cost of Interest= monthly Interest% x monthly payment x 300 months= 10.5% x $104 x 300 months = $3,276.

b) For monthly payment

$31,200/300 months (equivalent For 25 years) = $104

Total cost of Interest= monthly Interest% x monthly payment x 300 months= 11.5% x $104 x 300 months = $3,588.

c) For monthly payment

$31,200/300 months (equivalent For 25 years) = $104

Total cost of Interest= monthly Interest% x monthly payment x 300 months= 12.5% x $104 x 300 months = $3,900.

d) For monthly payment

$31,200/300 months (equivalent For 25 years) = $104

Total cost of Interest= monthly Interest% x monthly payment x 300 months= 14% x $104 x 300 months = $4,368.

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3 years ago
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slega [8]

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5 0
2 years ago
Look at the scenario money creation. how much of the $1,000 deposit is the bank required to keep in reserves?
madam [21]

The quantity of the $1,000 deposit is the bank required to keep in reserves is 20%.

<h3>What is a reserve deposit?</h3>

A reservable deposit would be any bank deposit subject to bank reserves established by the Federal Reserve Bank of the United States.

Some key features of reserve deposit are-

  • Through the mechanism of fractional reserve banking, such a deposit could be used in part as a loan.
  • The remaining portion, as established by the Fed's bank reserves, must be kept by bank & made available for prompt withdrawal upon request.
  • A reservable bank is a banks deposit that is subject to the reserve requirement guidelines of the Federal Reserve.
  • Transaction (checking) savings account, savings accounts, as well as non-personal time deposits are all examples of reservable deposits.
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3 0
1 year ago
Cost ConceptOn February 3, Clairemont Repair Service extended an offer of $360,000 for land that had been priced for sale at $40
guajiro [1.7K]

Answer:

The land should be recorded in Clairemont Repair Service’s records at $380,000

Explanation:

According to the historical cost principle, the recording of the fixed assets should be recorded at the purchase price or cost price which is to be shown in the assets side under the balance sheet.

So, according to the question, on February 28, the repair service accepted the seller's counteroffer which means that the land was purchased on February 28 for $380,0000. So, by $380,000 amount, the land would be recorded.

Other costs which are mentioned in the question is ignored.

7 0
3 years ago
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