The correct statement is that at the end of two years a total interest of 1246.10 has been paid on a principal of $11940, where the interest rate is 7.45 percent. So, the correct option is B.
The calculation on monthly payment of interest can be done by ascertainment of the interest paid for two years and division of such amount by total number of months.
<h3>Calculation of Monthly Payment</h3>
We know that the interest to be paid for the first year will be close to $902 and that for the second year will be calculated as follows,
So, the total interest paid at the end of the second year will be,
So, the total interest paid fully at the end of two years will be $1246.10
Hence, the correct option is B that the total interest of 1246.10 has been paid on a principal of $11940 at the end of two years upon monthly payments of such years.
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Answer:
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Answer: See attachment and explanation.
Explanation:
a. Determine the components of pension expense that the company would recognize in 2017.
Service cost = $52,000
Add: Interest on projected benefit obligation = $380,000 × 10% = $38,000
Less: Actual return on plan asset = ($11000)
Less: Unexpected loss = 200,000 × 10% - 11,000 = ($9000)
Ammortization of prior service cost = $15000
Pension expense = $85,000
b. The journal entry to record the pension expense and the company’s funding of the pension plan in 2017 has been attached.
c. The amount of the 2017 increase/decrease in gains or losses and the amount to be amortized in 2017 and 2018 has been attached.
d. The pension amounts reported in the financial statement as of December 31, 2017 will be $85,000.
This expanding panic and rising flood of withdrawals is called Bank Run.
<u>Explanation: </u>
Bank run means many customers of the bank withdraw their deposits due to the fear that the bank might become insolvent. When many customers withdraw their funds then the bank might not be able to meet the withdrawals with the available funds.
This further increases the risk of the bank to default when all the customers withdraw their deposits. This is because the banks hold only little amount as cash in hand while the rest of the bank's wealth is invested in long term assets.
Providing and recording documents are performed by : The closing agent
<h3>Who is a
closing agent?</h3>
Closing agents are basically professionals who acts directly for the buyer by making interest of the buyer known to the seller. They are usually associated with real estate transactions.
A closing agent could be a lawyer speaking to a bank or lender. The actual closing is conducted by a closing agent who might be a worker or employee of the lender or the title company or organization.
Other duties of a closing agent are :
- Ordering title work and a property survey.
- Issuing commitment title.
- Assisting with obtaining requisite insurance
- Issuing and sending the title insurance policy to both the buyer and lender
- Assembling the loan closing package .
Therefore, closing agent responsible for providing and recording documents.
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