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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?Starting on July 1, 2000, Peter borrows $8,400.00 each year for 4 years from his dear Aunt May to pay for college. (Note: the last date that he borrows money is July 1, 2003.) From the beginning, Aunt May agreed to defer all interest on the loans until Peter finds a job; i.e. Peter's loans will not accumulate any interest until the first day he starts working. After that, Peter will be charged 9 percent compounded semiannually, and he will pay Aunt May back with 20 equal semiannual payments, the first coming 6 months after he starts his job. Peter finds a job as a photographer for a local newspaper, and his first day of work is July 1, 2004. For tax reasons, Peter needs to compute the total amount of interest that he will pay to Aunt May in the year 2007. How much in interest did Peter actually pay in 2007? Thank you so much!Brandon just graduated from college. Unfortunately, Brandon’s education was fairly costly; the student loans that he took out to pay for his education total $95,000. The provisions of the student loans require Brandon to pay interest equal to the prime rate, which is 8 percent, plus a 1 percent margin—that is, the interest rate on the loans is 9 percent. Payments will be made monthly, and the loans must be repaid within 20 years. Brandon wants to determine how he is going to repay his student loans. a. If Brandon decides to repay the loans over the maximum period—that is, 20 years—how much must he pay each month? b. If Brandon wants to repay the loans in 10 years, how much must he pay each month? c. If Brandon pays $985 per month, how long will it take him to repay the loans?
- Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $3,000, and also opened up an IRA, to which she contributed $400 last year. Her savings accounts earn 2% interest per year, and she also had received an unexpected $1,950 gift from her great aunt. Jamie was also lucky enough last year to win a raffle prize of $2,900, most of which was deposited into her regular savings account after paying off her credit card balance. Estimate Jamie Lee's current tax liability by completing the form below. Use standard deduction ($6,300) and personal exemption ($4,050). Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories. Use 2021 tax rates. I put in these values, but I feel that i am…Huai takes out a $3700 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $11,900 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate of 7.1% . Find Huai's monthly payment when regular payments begin. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Calculate the monthly payment on loan 1 (community college). Round your answer to two decimal places, if necessary. The monthly payment on loan 1 (community college) is $ . pt 2- find the total amont of interest accured on loan 2? pt 3- find the total amount of interest that wil accure?Huai takes out a $3500 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,500 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.3% . Find the total amount of interest that will accrue until payments begin.
- Huai takes out a $3100 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,800 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.7% . Find the total amount of interest that will accrue until payments begin. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Find the total amount of interest that will accrue for loan 1 (community college). The total amount of interest that will accrue for loan 1 (community college) is $ . Round your answer to two decimal places, if necessary. pt 2- find the total amount of interest accured on loan 2? pt 3- find the total amount of interst that will accure…Taurus needs P 4,000 per year for four years to go to college. His sugar mama invested P 5,000 in 7 % account for your education when you were born. If you withdraw P4,000 at the end of your 17th, 18th, 19th and 20th birthday, how much will be left in the account at the end of the 21st year?Alicia works at a call center as a 911 operator. She works part-time earning $16.45 per hour, averaging 15 to 30 hours per week, 52 weeks per year. To verify her income, she has provided you with her four most recent bi-weekly pay stubs which show her gross earnings of $674.45, $740.25, $641.55, and $822.50. Alicia became delinquent on her student loans and is currently being garnished $75.00 from each of her paychecks. What is Alicia employment income? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- When Mary had 4 years left in college, she took out a student loan for $15,110. The loan has an annual interest rate of 5.1%. Mary graduated 4 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Mary will make monthly payments for 3 years after graduation. During the 4 years she was in school and not making payments, the loan accrued simple interest. what is the monthly payment if the loan is subsidized? What is the monthly payment if the loan is unsubsidized?Amy makes her first $15,000 payment into a conservative savings plan, earning 8% per year into her savings account when she is 28 years old. After the 10th payment, Amy makes no additional payments nor does she withdraw any money from the account. One of Amy's friends, Frank, starts a savings plan that is identical to Amy's when he is 38 years old (Frank's account also earns 8% per year). He continues making $15,000 annual payments until he is 60 years old. If both Amy and Frank retire when they are 60 years old, who will have more money in their savings plan at that time?Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48end-of-month payments thereafter. If the original note (loan) is for $28,000 and interest in 0.5% per month on the unpaid balance, how much will Kris’ payment be?
