A couple is about to get married. They decide to start a joint bank account to save for a house. They want to have an initial investment of $9,000. The first partner contributes $350 more than three-quarters of what the second partner contributes. How much does each partner contribute? Select one: a. P1 = $4,557.14, P2= $4,442.86 b. P1= $3,557.14, P2= $5,452.86 c. P1= $4,057.14, P2= $4,942.86 d. P1 = $5,057.14, P2= $3,942.86 e. P1 = $5,857.14, P2= $3,992.86

A couple is about to get married. They decide to start a joint bank account to save for a house. They want to have an initial investment of $9,000. The first partner contributes $350 more than three-quarters of what the second partner contributes. How much does each partner contribute? Select one: a. P1 = $4,557.14, P2= $4,442.86 b. P1= $3,557.14, P2= $5,452.86 c. P1= $4,057.14, P2= $4,942.86 d. P1 = $5,057.14, P2= $3,942.86 e. P1 = $5,857.14, P2= $3,992.86

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 43P

See similar textbooks

Similar questions

A couple wants to begin saving money for their daughter's education. $16,000 will be needed on the child’s 18th birthday, $18,000 on the 19th birthday, $20,000 on the 20th birthday, and $22,000 on the 21st birthday. Assume 5% interest with annual compounding. The couple is considering two methods of accumulating the money. a. How much money would have to be deposited into the account on the child's first birthday to accumulate enough money to cover the education expenses? (Note: A child’s “first birthday” is celebrated 1 year after the child is born.) b. What uniform annual amount would the couple have to deposit each year on the child’s first through seventeenth birthdays to accumulate enough money to cover the education expenses?
TWO PARTNERS ARE STARTING A WEDDING PLANNING BUSINESS. THE TOTAL INVESTMENT IS $45,000. THEIR INVESTMENTS ARE IN THE RATIO 4:5. HOW MUCH DOES EACH INVESTOR CONTRIBUTE?
Deb and Rusty have just gotten married and wish to buy a home. They both work in Boston and have a combined income of $90,000. They found a modest starter house which they are buying for $350,000. 1. They plan to use their $40,000 is savings to cover the closing costs the bank will charge them, which are 1% of the amount they borrow from the bank. The rest of the savings will be used as a down payment. Determine the largest amount they can use for a down payment and still pay the closing costs. 2. Using the amount Deb and Rusty have to borrow from part 1, open Excel and create a 20-year amortization schedule, giving monthly payments for the amount they borrowed at a 4.5% annual interest rate. You must use the pmt function in Excel to compute the monthly payment. Title this worksheet Amortization. For your answer to this question write “See Excel Workbook”. 3. Use the amortization schedule to compute the total amount of interest they will pay to the bank over the 20 years. 4. Create a…
1. Millet wants to provide a P200,000 graduation gift for her daughter Mae who is now 16 years old. She would like the fund to be available by the time her daughter is 20. She decides on an investment that pays 10% compounded quarterly. How large must the deposit be? 6. Ms. Cruz can buy a piece of property for P6.500.000 cash or P4,000.000 down payment and P4,200,000 in five (5) years. If she has money earning 8%, converted quarterly, which is a better purchased plan and by how much?
Anna and Andrew open a joint account to a certain cooperative to have a better investment. The total amount they earned in selling rugs was put in their accounts in the cooperative to help their parents. Their total earnings amounting to 5,000.00 will earn an interest rate of 7.5% per year. Help them to compute for the simple interest earned and maturity value, if their money will be invested in 3 years.
Deb and Rusty have just gotten married and wish to buy a home. They both work in Boston and have a combined income of $90,000. They found a modest starter house which they are buying for $350,000.1. They plan to use their $40,000 is savings to cover the closing costs the bank will charge them, which are 1% of the amount they borrow from the bank. The rest of the savings will be used as a down payment. For example, if they borrow $330,000 using $20,000 for a down payment, the closing costs will be $3,300, which still leaves them some savings. Determine the largest amount they can use for a down payment and still pay the closing costs.
A person wants to accumulate RM 20,000 for his marriage fund at the end of 8 years. If he deposits RM1500 in the fund at the end of each of the first 4 years, and X amount in the fund at the end of each of the second 4 years, find X amount, if the fund is earning 7% effective. (answer to nearest ringgit).
The AGI of the Newtons, a married couple, is $205,750 this year. They would like to contribute to a Roth IRA. Round any division to two decimal places. Round final answer to the nearest dollar. a. What is the maximum amount this couple can contribute to a Roth IRA? 13,000 X
Engr. Singson wants to get married on June 8, 2023. According to his estimates, he will need P305,000. With this, he started depositing to Landbank on February 8, 2016 with an amount of P10,500. He made a second deposit worth P50,000 on August 24, 2020. How much he deposits on November 4, 2021 so that he will realize the required amount for his weddinf . Use i=6% per year. Consider exact interest.
A couple planned to build a P2, 500, 000-house in 5 years. since their funds are not yet enough to finance it now, they have decided to invest it first in an institution that pays 7% simple interest. How much should they invest to have such amount in 5 years? Select the correct response: 1,956, 742.89 O 1,000, 000.00 O 1,851, 851.852 O 1, 500.650.24
Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college (17 years from now). If her tuition is projected to be $35,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interest is 4%? E Click the icon to view the table. The annual sinking fund payment is $ (Round to the nearest cent as needed.)
RT is about to loan his granddaughter Cynthia $20,000 for 1 year. RT’s TVOM, based upon his current investment earnings, is 8%. Cynthia’s TVOM, based upon earnings on investments, is 12%. Solve, a. Should they be able to successfully negotiate the terms of this loan? b. If so, what range of paybacks would be mutually satisfactory? If not, how far off is each person from an agreement?