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Finger [1]
2 years ago
8

Sam and Joan made an offer of $250,000 asking the seller to pay all closing costs. They will put 10% down and pay one discount p

oints at closing. The amount of cash required at closing for Sam and Joan will be?
Business
1 answer:
Archy [21]2 years ago
3 0

Answer:

$27,500

Explanation:

Discount points are also called mortgage points and are fees paid as prepaid interest rate on a mortgage property.

One discount point is equivalent to 1% of the loan amount.

In the given scenario a down payment of 10% was made.

Also they are pay one discount point to close.

So total down payment to be made is 10% + 1% = 11%

Amount is cash for closing = 0.11 * 250,000 = $27,500

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During 2019, Enrique had the following transactions: Salary $70,000 Interest income on Xerox bonds 2,000 Inheritance from uncle
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Answer:

The correct answer is B

Explanation:

Calculation of AGI for 2019 -

Salary Income                                                                                $70,000

Interest income on Xerox bonds                                                 $2,000

Inheritance from uncle                                                                  $ 40,000

Deduction : Capital Loss                                                        ($2500)

Contribution to traditional IRA                                                 ($5500)

Inheritance from uncle                                                              ($40,000)

Total =                                                                                          $64,000

6 0
3 years ago
Imagine that Eveready has developed solar rechargeable batteries that cost only slightly more to produce than the rechargeable b
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3 years ago
Brie signs an instrument in which she promises to pay Carmen a certain price for her Dodge Dart. The instrument will be negotiab
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B) ​money.

Explanation:

Characteristics of a negotiable instrument

  1. Property: the individual or company that possesses the instrument is also considered its owner. Order instruments, e.g. checks, must be endorsed for transfer of property.
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  3. Rights: the transferee can take legal action to claim the honoring of the instrument.
  4. Prompt payment: the due holder can anticipate prompt payment because dishonoring the instrument (not paying it) results in the "ruin of credit" of all parties involved in the instrument.
  5. Monetary value: instruments carry a specific monetary value and must be paid in money.

8 0
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Suppose a firm occasionally faces demand for short-term credit but usually has an excess of short-term capital to finance curren
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Conservative approach is used by a company to maintain a level of current assets that is high which invariably leads to higher working capital. This is used by a firm that occasionally faces demand for short-term credit but usually has an excess of short-term capital to finance current assets.

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