Allen purchased a home for RO 108,000. He put down 20% and obtained a mortgage for 20 years at 11% interest. What is the amount financed by Allen? a. 21,600 RO b. 11,800 RO c. 96,120 RO d. 86,400

Q: Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000…

A: SOLUTION- THE PRINCIPLE AMOUNT OF LOAN $800000 IS SAME IN YEAR 1 AND YEAR 2. SO INTEREST PAYABLE FOR…

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A: Weighted average cost of capital, is the average cost which has to be incurred to raise money. It is…

Q: dual has the land appraised and finds out it is only worth $45,000. The individual decides not to…

A: Capital loss refers to the loss situation that happened while selling off a capital asset below its…

Q: A couple purchased a home 20 years ago for $200,000. The home was financed by paying 10% down and…

A: We need to use PMT formula to calculate monthly payment of mortgage. PMT =PV*r1-1(1+r)n

Q: This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Susan lends RM3,000 to Mary at 10% p.a. and then Mary lends the same sum to Maria at 12% p. a. Find…

A: Amount of transaction (P) = RM 3000 Susan interest rate  (r1) = 10% Maria interest rate (r2) = 12%…

Q: Tom purchased a condo in Mississippi for rental property at a cost of $106,600. Using the class…

A: Most U.S. residential rental property is depreciated @ 3.636% each year. Period is 27.5 years   Data…

Q: Joe buys a piece of land on January 3rd of the current year. He pays $10,000 in cash.   1) Suppose…

A: Capital Gain: It is the increase in  value of capital Asset  when an asset is sold and capital gain…

Q: Allen purchased a home for RO 108,000. He put down 20% and obtained a mortgage for 20 years at 11%…

A: Amount financed = Car price - down payment

Q: Pedro sells land that he held as an investment with a basis of $40,000 for $50,000. The terms of the…

A: Investment Property It is  the property invested  with the intention of earning a return on the…

Q: What is the maximum gain that Olessa must report in connection with the sale of her principal…

A: Given case is: Olessa, single and age 60, sold her home for $540,000 after living there for 20…

Q: Bernadette sold her home. She received cash of $40,000, the buyer assumed her mortgage of $180,000,…

A: This pertains to determination of gain and finding the character of that gain. Bernadette has sold…

Q: ter Henri stopped making his mortgage payments, the lender foreclosed on his home and issued a Form…

A: When any borrower is unable to pay the debt on payment than lender will take possession of the…

Q: In the current year, Sanchez paid interest of $30,000 on a $1,000,000 principal home mortgage. He…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : It is…

Q: Sharon Burke bought a home in Virginia for $139,000. She puts down 30 percent and obtains a mortgage…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Akbar bought a car on loan and pays the simple interest at 5% amounting to RO 3,000 per annum for 5…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: ken just bought a house. He made a $20,000 down payment and financed the balance with a 25 year home…

A: Purchase price = Down Payment + Present Value of Mortgage Payment

Q: Amanda purchased a home for $720,000 in 2016. She paid $144,000 cash and borrowed the remaining…

A: Acquisition Indebtness is the outstanding amount on a loan taken out for the purpose of purchase of…

Q: Ken just bought a house. He made a $20,000 down payment and financed the balance with a 25 year…

A: Selling price of any financial asset or property refers to the net amount at which the property or…

Q: property with a fair market value of $120,000. What is the amount realized? a.) $1,370,000 b.)…

A:

Q: Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at…

A: Given that the total cost is $699,000 from which 20% down payment was made and remaining was…

Q: Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000…

A: As of the year 2021, single filers and married couples who are filing jointly can deduct interest on…

Q: At the same rate of interest, Rachel lent $5000.00 to Monica for 2 years and $3000.00 to Chandler…

A:

Q: Linda bought a life insurance policy whereby she insured herself for 1 million for a period of 10…

A: The gross income from the insurance policy is the difference between the maturity amount received…

Q: Miller owns a personal residence with a fair market value of $195,000 and an outstanding first…

A: It includes mainly the debt taken for acquisition, construction and improvisation of principle…

Q: Brittany purchased an industrial lot in Sudbury for $1,100,000 and it was assessed at 65% of its…

A:

Q: Shirley Trembley buys a house for $186,200. She puts 20% down and obtains a simple interest…

A: An amortized loan is one in which the borrower is required to make regular, scheduled payments that…

Q: Samuel Jenkins made two investments; the first was 13 months ago and the second was two months ago.…

A: Investment 1 - made 13 months ago -  The tax rate for long-term capital gains for taxable income of…

Q: Amy financed the purchase of her living room suite over two years.  Her monthly payments are $231.02…

A: Part (1) Purchase Price of  Furniture Annual Rate = 19.6% p.a. compounded semiannually Semi…

Q: Frankie purchased a house for $185,000 . He put 20% of the purchase down as a down payment. He…

A: Frist we need to calculate monthly payment for loan by using this equation PMT   =PV*i1-1(1+i)n…

Q: Leona purchased a home and obtained a 25 year loan of 437,750$ at an annual interest rate of 6.5%.…

A: given, n = 25years r= 6.5% m = 12 p = 437,750

Q: Jino sold his house. In addition to cash, he took a mortgage on the house. The mortgage will be paid…

A: C = Monthly payment i.e. P12,345 r = Monthly interest rate i.e. 0.01 n = Monthly period i.e. 120 (10…

Q: Joe Levi bought a home in Arlington, Texas, for $148,000. He put down 30% and obtained a mortgage…

A: We need to calculate monthly payment of mortgage PMT =P*i1-1(1+i)n Where P=loan amount n=number of…

Q: Felix is purchasing a brownstone townhouse for ​$2,300,000. To obtain the​ mortgage, Felix is…

A: Downpayment is the amount paid in advance during the purchase of any asset or property. Formula is…

Q: On July 1 of year 1, Elaine purchased a new home for $550,000. At the time of the purchase, it was…

A: At the time of purchase of the property, property tax needs to be paid by the property holder every…

Q: wed ₱24,480 from Marie at the rate of 10% simple interest per year. She then returned the money…

A: Given, Borrowed amount = 24,480 Interest rate = 10% No. of years = 4 years 6 months or 4.5 years…

Q: Martha bought a home in 1988 at a cost of $100, 000.00. She put 20% down and financed the remainder…

A: Equity and debt are two sources to raise the funds to meet the financial requirements. Equity shows…

Q: Dick Hercher bought a home in Homewood, Illinois, for $230,000. He put down 20% and obtained a…

A: Using excel PMT function

Q: Lester rents his vacation home for 6 months and lives in the home during the other 6 months of 2018.…

A: Net loss:   Net loss is the amount of money the company lost during that period. Net loss is the…

Q: Ms. Tamper bought a house for $180,000.  She put 20% down and obtained a mortgage loan for the…

A: Given information: Present Value of Mortgaged Loan: =$180,000-$180,000×20%=$144,000 Future Value =…

Q: Bob, not a dealer, sold an apartment building for $600,000.  His adjusted basis in the building was…

A: Installment sales: It refers to the method under which the recognition of revenue will be done not…

Q: Marsha Terban bought a home for $110,000 with a down payment of $10,000. Her rate of interest is 9…

A: Given, Home loan cost = $110,000 Down payment = $10,000 Rate of interest  = 9 1/2 % Number of years…

Q: The Baileys bought a $363,000 townhome. They made a down payment of $44,000 and took out a mortgage…

A: In case of a mortgage the interest is charged on a declining balance method. Hence as the principal…

Q: he Dexter’s decided to purchase a new home. The purchase price of their new home was $345,990. The…

A: The monthly payment is the equal amount that has to be paid every month until the loan amortized…

Q: Jack and Laurie Worthington bought a house for $162,400. They put 10% down, borrowed 80% from their…

A: Cost of the house = $162,400 Down payment = 10%  Borrowed amount = 80%  Time period = 30 years

Q: Matthew purchased a house for $400,000. She made a down payment the value of the house and received…

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Q: Upon selling his residence, the lawyer Hinojosa buys a flat and deposits the rest in an account that…

A: Simple interest seems to be a fast and easy way to figure out how much interest you pay on a loan.…