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
gregori [183]
3 years ago
8

The loan officer at 2nd National Bank tells Lana she can afford a monthly payment of $1,900 on her new home loan. Assuming this

is an interest-only loan, and the principal balance is $410,000, what interest rate is Lana getting?
Business
1 answer:
Olegator [25]3 years ago
3 0

Answer:

5.56%

Explanation:

Annual payment = Monthly payment * 12

Annual payment = $1,900 * 12

Annual payment =  $22,800

So, she can afford to pay $22,800 in a year

The interest rate is Lana getting = Annual payment / principal balance

= $22,800 / $410,000

= 0.0556

= 5.56%

You might be interested in
Velco purchased a delivery truck at the beginning of Year 1 at a cost of $60,000. The truck is estimated to have a useful life t
Alenkinab [10]

Answer:

$10,000

Explanation:

Depreciation of an asset is the systematic allocation of estimated cost to an asset over time. It is added over the years to get the accumulated depreciation that is netted off the cost to get the net book value.

It is given as

Depreciation = (Cost - Salvage value)/Estimated useful life

Depreciation expense for Year 1 (the first year of the asset's life) under the straight-line method would be

= ( $60,000 - $10,000 ) / 5

= $50,000/5

= $10,000

5 0
3 years ago
Blueberry Baking Company produced 5,500 cakes that require 3 standard pounds per unit at a $3 standard price per pound. The comp
jekas [21]

Answer:

Dr. Work in process                  $49,500

Dr. Material Quantity Variance $4,500

Cr. Raw material Inventory        $49,500

Explanation:

First we need to calculate the Material usage variance

Standard Material = 5,500 cakes x 3 pounds = 16,500 pounds

Standard cost of Standard Material = 16,500 pounds x $3 = $49,500

Actual usage at standard cost = 16,650 pounds x $3 = $49,950

Material usage Variance = $49,950 - $49,500 = $450 unfavorable

When the actual cost incurred is more than the standard cost the variance is unfavorable.

3 0
3 years ago
Cogswell cola purchased a machine for $237,500. The firm paid another $5,750 for delivery and installation. In addition the firm
Novay_Z [31]

Based on the cost of purchasing the machine and the delivery and installation fees, the initial outlay is $243,250

<h3>How much is the initial outlay?</h3>

This can be found as:

= Cost of purchasing machine + Installation and delivery cost

Solving gives:

= 237,500 + 5,750

= $243,250

Find out more on fixed asset capitalization at brainly.com/question/25355478

#SPJ1

3 0
2 years ago
Dole Company uses the periodic inventory system. At the end of the accounting​ period, ending inventory is​ $10,000 and beginnin
Troyanec [42]

Answer:

The one entry is recorded

Explanation:

The journal entry is shown below:

Inventory A/c Dr (Ending inventory) $10,000

Cost of goods sold A/c Dr (Balancing figure) $94,000

      To Inventory A/c Dr (Beginning inventory)        $5,000

      To Purchase account                                          $99,000

In mathematically,

Cost of goods sold = Beginning inventory + purchase - ending inventory

                                = $5,000 + $99,000 - $10,000

                                = $94,000

4 0
3 years ago
If the annual net income from a commercial property is $22,000, and the capitalization rate is 8%, what is the value of the prop
Evgesh-ka [11]

Answer: $275,000

Explanation:

Given that,

Annual net income = $22,000

Capitalization rate = 8%

Value of the property = ?

Capitalization rate = \frac{Net\ operating\ income}{Current\ property\ value}

                        8% = \frac{22,000}{Current\ property\ value}

Value of the property = \frac{22,000\times100}{8}

                                    = $275,000

8 0
3 years ago
Other questions:
  • Which company is experimenting with the management of the final mile of delivery in some markets, using small aerial drones to d
    12·1 answer
  • You have just determined the actual number of workstations that will be used on an assembly line to be 8 using the assembly-line
    13·1 answer
  • The practice of preparing budgets for each of several future periods and revising those budgets as each period is completed, add
    6·1 answer
  • A food handler's duties regarding food safety include all of the following practices EXCEPT: Prevention of food contamination Pe
    15·2 answers
  • A dealer forecasts that the discount rate on a 60-day bill will be 5.10%. The current discount rate on a 90-day bill is 5.30%. W
    8·1 answer
  • A college professor was overheard saying, "A management course teaches students about management, not to actually BE managers."
    8·1 answer
  • How long will it take your money to triple if you receive 10% return on your money, compounded annually?
    8·1 answer
  • Riley Market, Newton Grocers, and Barlow Pantry are grocery stores. During physical inventory, Riley remains fully open, while N
    15·1 answer
  • Conifer Craft is a furniture firm that specializes in creating customized furniture for the commercial market. The firm has rece
    5·1 answer
  • Trident Office is considering remodeling the office building it leases to Robert Roberts, CPA. The remodeling costs are estimate
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!