3- Mortgage Application Practice Using the table, find the assessed value of the house in this classified ad. Structural Rates per Square Foot Flat Rates 1st floor over basement $3.00 1st floor over slab $2.25 2nd floor $2.25 garage $1.00 dormer $1.00 barn $0.75 deck $0.50 shed $0.70 vinyl-lined pool $0.75 New Listing: Cape-Cod style home w/ 2 baths, 700 sq. ft first flr., upstairs 15 x 26 dormer, 12 x 20 garage, gas heat, frpl, basement. Property 1/2 acre plot w/ 5 × 12 shed and tennis court. $301K land $1,000 per acre 1st bathroom $0 extra full bathroom $100 half bathroom $50 fireplace $125 tennis court $375 spa $125 central air conditioning $200 gas heat $700
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- Part (A) Yusuf Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,194. Instructions 1- Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment. 2- Explain the concept behind mortagage notes? Solution (1) - mortgage loan entry Accounts Debit Credit Solution (2) Explain the concept behind mortagage notes Solution (1) - first installment payment entry Accounts Debit Credit Part (B) What would the entry to record the issuance of two thousand bonds with a face value of $1,000 each…Bank Meethaq provides a financing facility basedon murabahah to the Purchase Orderer principlesto Ahmad for the purpose of house purchase.The financing is amounting to OR 44000 at aconstant rate of return 6% for a period of 3 years.Calculate the first year balance of BBA (bai'bithaman ajil ) financingThe company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other points
- Consider a 7.5%, $145,000, 25-year mortgage loan with 1/2% origination fee, 3/4 of a point, $550 mortgage insurance fee, $360 document prep fee, $395 appraisal fee, $663 title insurance fee, $125 credit report fee, $75 recording fee, and $500 to be placed in escrow. Calculate the reportable APR%Ellie Eatery signs a $500000 mortgage, amortized over 20 years, 4 year term, 8% c.m. Just after the 24th payment the mortgage goes into default. The building which was held as collateral is repossessed and sold for $520000. Legal costs were $15000 and the realtor's commission was $30000. Six months after the last payment repossession proceedings are finalized. a) Find the mortgage balance just after it goes into default. b) Find the amount owing to the bank for the mortgage at the end of repossession proceedings. c) Find the loss amount to the bank at the end of the proceeding.For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). AppraisedValue Lender'sPercentage Percentage ofAppraised Value (in $) Balance ofFirst Mortgage PotentialCredit (in $) $123,500 70% $ $53,200 $
- choose the correct letter of answer If deposit for lease contract was recorded as Rent Expense,A. expense is understated.B.asset is not affected.C.profit is overstated.D. owner’s equity is understated. Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000B. 120,000C. 70,000D. 80,000Mortgage info Purchase price $2,500,000 Holding period 2 LTV 79% Interest rate 4.0% Term 15 Amortization 15 Mortgage-Related Closing Costs Discount point (Lender) 0.75% Appraisal $500 Survey $800 Underwriting fee (Lender) $300 Origination fee (Lender) 1.25% What is the borrower's EBC? Group of answer choices 5.15 4.25 None of these are correct 4.80 4.65 Mortgage info Purchase price $2,500,000 Holding period 2 LTV 79% Interest rate 4.0% Term 15 Amortization 15 Mortgage-Related Closing Costs Discount point (Lender) 0.75% Appraisal $500 Survey $800 Underwriting fee (Lender) $300 Origination fee (Lender) 1.25% What is the borrower's EBC? Group of answer choices 5.15 4.25 None of these are correct 4.80 4.65A executed in favor of B a promissory note amounting to Php 100.0000.00, payable after two years, secured note for certain building valued at P120,000.00. One year after execution of the note, the mortgaged building was totallydestroyed by a fire of accidental origin. Can B demand fromthe payment of the value of the note immediately afterburning without waiting for the expiration of the term? Reasons.
- Show the solution in good accounting form. Thank you! 1. What is the total amount of interest revenue will FOUR earn over the term of the lease? a. ₱ 75,000 b. ₱ 51,600 c. ₱ 129,360 d. ₱ 139,450 2. At what amount should the lease receivable be initially recognized? a. ₱ 323,400 b. ₱ 278,900 c. ₱ 1,617,000 d. ₱ 375,000DCR: a. Calculate the DCR for an income producing property to be acquired at a price of $7M and a CAP of 5.5%. The down payment on the property is 30% of the property value and the mortgage on the remaining balance is a fixed-rate interest only loan at a rate of 4%. b. What is the meaning of a DCR of 1.40, for example? Please explain. c. List and briefly explain three different factors that are likely to cause the lender to require a higher DCR from investors?Calculate the interest deduction on an income tax return plus the required down payment using a 1st 2nd and 3rd mortgage on an investment property for the following amounts: $785,000, $925,000.00, $1,380,000.00, $1,600,000.00, $2,400,000.00. Note: 3rd mortgage interest is 11%