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Clarrisa Madison purchases a home and secures a loan of $260,000. The bank charges a fee of 2.28 points. Find the charge for points.
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- Clarrisa Madison purchases a home and secures a loan of $230,000. The bank charges a fee of 2.25 points. Find the charge for points.Simone Smith, Trading as Scents of Jamaica, is applying for a small business loan. She provides the bank with the following information: cash in checking account $5000, short-term investment $10,350, real estate with market value of 115,500, inventories 30,000, first mortgage on real estate 25000, home equity loan limit 70000, balance on home equity loan 10,000, value of home 200,000, automobile with market value of 19,000, automobile loan outstanding 15,000, credit card debt 1500. (A) using the information provided, construct a statement of Affairs [personal balance sheet] for Simon Smith, trading as Scents of Jamaica. The statement should be arranged to show the assets and liabilities in their various categories, for example current assets being a category. (B) The bank’s policy says that a debit ratio of 20% or less is acceptable for a small business loans . Using the debt ratio as the sole criterion , would you make a loan of (100000)hundred thousand dollars to Scents of…d) QBank makes a personal loan of £10,000 to Mr A, and credits his current account with the amount of the loan. Describe the initial impact on QBank’s balance sheet, the money supply, and the net worth of both QBank and Mr A. e) Mr A then withdraws £10,000 in cash with which he pays Ms B for building work. She immediately deposits it in her current account with another bank, RBank. What is the impact on QBank’s balance sheet, and on the aggregate money supply? f) Financial media report that QBank has made “significant” capital losses on some of its financial investments, as well as suffering high default rates on its loans to households. Discuss the possible consequences, using the information in your earlier answers.
- Anthony Clement is applying for a car loan. The lending institution requires a personal net worth statement. Anthony currently has $1,085.00 in cash, and his camera is worth $635.00. He also owes Vista Travel $305.00 and Kelley Electronics $83.00. Complete a net worth statement for Anthony Clement. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.A woman borrowed $3800 from a bank for 3 months. A friend was cosigner of the woman's personal note. The bank collected 512% simple interest on the date of maturity. a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the bank on the due date of the note.Samantha Knight is applying for a small-business loan. She provides thebank with the following information: cash in checking accounts, $5,000;cash in savings, $10,350; home market value, $145,500; first mortgageon house, $25,000; home equity loan limit, $70,000; home equity loan,$10,000; automobile market value, $19,000; automobile loan outstanding,$15,000; credit card debt, $1,500.a. Calculate the debt-to-asset ratio.b. Calculate the debt-to-equity ratio.c. What percentage of Samantha’s assets are owned by others?
- josh reily paid interest of $4,500 on a personal loan of $75,000 that he used to begin the bussibnes should dispatch delivery servicePLEASE SHOW ALL WORK Ryan bought $ 15,000 from a bank to buy a car at 10% simple Interest. If he paid $ 9,000 as interest while clearing the loan, find the time for which the loan was given.What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note. Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500 Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500 Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500 Debit SUV, $50,000, credit cash $50,000
- Complete the columns to show the effect of the following transactions: Transaction Asset Liability Capital (a) Bought a motor Van on credit $500 (b) Repaid by cash a loan owed to P Smith $1,000 (c) Bought goods for $150 paying by cheque (d) The owner puts a further $5,000 cash into the business (e) A debtor returns to us $80 goods. we agree to make an allowance for them (f) Bought goods on credit $220 (g) The owner takes out $100 cash for his personal use.Sara borrowed funds to buy furniture for her business. Her business paying $200 at the end of each month for four years. The bank charges interest on the loan at 8% compounded monthly. a. What was the cash price of the furniture? b. How much is the cost of financing?Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the equivalent of 3% simple interest, and the other charged 4.5% interest. If the total interest after 1 year was $810, determine the amount borrowed from each bank.