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3 years ago

Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. Which statement is true

1 answer:

5 0

Based on the information given regarding the mortgage, the true statement will be that each of their payments is for the same amount.

A fully amortized payment simply means a payment where the individual makes every payment according to the schedule of the loan.

A fully amortized payment is a periodic repayment of a debt. Since Karen and Al obtained a 30-year fixed-rate fully amortized loan when they purchased their home, they'll pay the same amount monthly.

Learn more about mortgage on:

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2 years ago

Identify which control activity is violated in each of the following situations, and explain how the situation creates an opport

Inessa05 [86]

Answer:

1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.

⇒ documentation procedures

Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?

2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.

⇒ segregation of duties

One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.

3. Several clerks at Great Foods use the same cash register drawer

⇒ establishment of responsibility

If everyone is allowed to collect money, no one can be responsible for any loss.

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3 years ago

What is the formation of a franchise ?

True [87]

Answer:

Franchise is the method where the business is expanded by opening outlets and that are to run or operated by the independent owners. The process or procedure of franchise is costly but will be regarded as an investment.

Explanation:

Formation or Steps of Franchise

1. Measure the Pros and Cons - Before starting a franchise, one should use a tested and a tried business model. As it will provide helpful services like advertising, training and business advice.

2. Select the Right Franchise - It is vital to choose a franchise which suits goals, personality and skills of the person. I

3. Formation of LLC (Limited Liability Company) or Corporation - It is advantageous or beneficial for the person to start the franchise as a corporation or LLC. In both the cases, whether LLC and a corporation offers or provides liability protection and the tax breaks which are beyond the reach of the sole proprietor.

4. Conduct Research on Market Conditions and Opportunities of Franchise -Need to have a good understanding of the conditions of the local market . And in order to locate good opportunities of franchising, require the assistance of a franchising consultant. One should make sure that while choosing the franchise should have the following characteristics:

a. Sufficient experience

b. Reasonably quick time to profitability

c. Affordable initial and ongoing costs

5. Need to create a Business Plan - Well-written business plan will help the person to be in state of being organized and deliver better pitches to the investors. The business plan must include the following:

a. Company protocol

b. Rules

c. Training manual for Employee

6. Have a Secure Financing - When starting a franchise, the person should have sufficient amount of capital in order to cover the initial franchise fee and the startup costs.

7. Sign the Franchise Agreement or Contract - Last step is to sign the contract and then can start the business.

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3 years ago

How much should a new graduate pay in 10 equal annual payments, starting 2 years from now, in order to repay a $30,000 loan he h

Marina86 [1]

Answer:

each payment will for 4,320.60 dollars

Explanation:

First, we will calculate the future value of the 30,000 two years from now

then we calcaualtethe annuity present value of this to know the student payment

timeline:

<---//----/-/-/-/-/-/-/-/-/-/-/->

loan student payments

the loan futre value will be:

30,000 x 1.06^{2} = 33708

Now we calculate an annuity-due which 10 payment being made at 6% discount rate

This will be an annuity-due because today we are receiving the loan and in excatly 2 years form now we will start the payment so it will be at the beginning of the period

Annuity-due formula

$PV \div \frac{1-(1+r)^{-time} }{rate} (1+r) = PTM\\$

PV $33,708.00

time 10 years

rate 0.06 discount rate

$33,708 \times \frac{1-(1+0.06)^{-10} }{0.06} (1+0.06)= PTM\\$

PTM = $ 4,320.601

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3 years ago

Killearn has been a predominantly white community since its establishment 65 years ago. however, an increasing number of black r

Black_prince [1.1K]

Answer: White Flight
Killearn was a community predominated by whites. However, due to an increasing number of black residents who moved to the area, many of the whites moved out. This is an example of white flight.

White flight is a term that originated in the United States, in the 1950s and 1960s, and was applied to the large-scale migration of white European people from racially mixed urban regions to more racially homogeneous suburban regions. Today, it means migrations by whites from one place t-o another due to various reasons (like crimes, state policies, racism

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3 years ago