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3 years ago

What is the total cost of a 15-year mortgage if the monthly payment is $1718.70? A. $447,585.60 B.$281.683.80 C. $309, 366.00 D.

Business

1 answer:

Vaselesa [24]3 years ago

3 0

Answer:

Total Cost = $309,366

Explanation:

Given:

Number of year = 15 year

Monthly payment = $1,718.70

Find:

Total Cost

Computation:

Total Cost = Number of year x 12 months x Monthly payment

Total Cost = 15 x 12 x 1,718.70

Total Cost = $309,366

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zhenek [66]

You can have mine if you need it

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3 years ago

The ending Retained Earnings balance of Boomer Inc. decreased by $1.5 million from the beginning of the year. The company declar

Bogdan [553]

Answer:

net income is 2.7 million

Explanation:

given data

beginning of year decrease = $1.5 million

dividend = $4.2 million

to find out

net income

solution

we know that here relation that is

net income + Beginning retained earning - dividend = Ending retained earning

so here Beginning retained earning - Ending retained earning = $1.5 million

Beginning retained earning - Ending retained earning = dividend - net income

put here value so net income will be

1.5 = 4.2 - net income

net income = 4.2 - 1.5 = 2.7

net income is 2.7 million

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4 years ago

Suppose the banking system currently has $400 billion in reserves, the reserve requirement is 8 percent, and excess reserves amo

Rudik [331]

Answer:

Total Deposits = $4937.5 billion

Explanation:

given data

currently in reserves = $400 billion

reserve requirement = 8 percent

reserves amount = $5 billion

solution

first we get here Minimum Required Reserves that is express as

Minimum Required Reserves = Current Reserves - Excess Reserves .........................1

put here value we get

Minimum Required Reserves = $400 billion - $5 billion

Minimum Required Reserves = $395 billion

and

Total Deposits is express as

Total Deposits = $\frac{minimum\ required\ reserve}{reserve\ required}$ ......................2

Total Deposits = $\frac{395}{0.08}$

Total Deposits = $4937.5 billion

8 0

4 years ago

The following events occur for The Underwood Corporation during 2015 and 2016, its first two years of operations.

Montano1993 [528]

Answer:

Explanation:

12-June

Dr Accounts revenue $40,400

Cr Service revenue $40,400

17- September

Dr Cash $24,500

Cr Accounts receivable $24,500

31- December

Dr Bad debt expense $7,155 [(40,400-24,500)*45%]

Cr Allowance for uncollectible accounts $7,155

4- March

Dr Accounts receivable $55,400

Cr Service revenue $55,400

20- May

Dr Cash $10,000

Cr Accounts receivable $10,000

2- July

Dr Allowance for uncollectible accounts $5900

Cr Accounts receivable [40400-24,500-10,000] $5,900

19- Oct

Dr Cash $44,500

Cr Accounts receivable $44,500

31- Dec

Dr Bad debts expense $3,650

Cr Allowance for uncollectible accounts[(55,400-44,500)*45%-1255] 3,650

2015:

total accounts receivable 15,900

allowance for uncollectible accounts 7,155

net realizable value 8745 [15,900-7,155]

2016:

total accounts receivable 10,900

allowance for uncollectible accounts 4,905

net realizable value 5995 [10,900-4,905]

8 0

3 years ago

The Tobler Company has budgeted production for next year as follows: Quarter First Second Third Fourth Production in Units 10,00

Paha777 [63]

Answer:

The correct answer is 63,200 kg.

Explanation:

According to the scenario, the computation of the given data are as follows:

Raw material required for production = Production in units × req. raw material per unit

= 16,000 units × 4 kg

= 64,000 kg.

Beginning inventory = (64,000 kg) × 10%

= 6,400 kg

Ending inventory = ( 14,000 × 4 kg) × 10%

= 56,000 kg × 10%

= 5,600 kg

So, we can calculate the budgeted purchases of raw materials by using following formula:

Budgeted purchases of raw materials = Raw material required for production + Ending inventory - Beginning inventory

= 64,000 kg + 5,600 kg - 6,400 kg

= 63,200 kg

3 0

3 years ago