Taylah purchased a 2017 Toyota Camry on 2 July 2020 for $46,000. She financed the full price of the vehicle and borrowed $3,000 extra to pay off her credit card. What will the interest apportionment percentage be?
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Taylah purchased a 2017 Toyota Camry on 2 July 2020 for $46,000. She financed the full price of the vehicle and borrowed $3,000 extra to pay off her credit card.
What will the interest apportionment percentage be?
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- Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.Stephen purchased a 2017 Toyota Camry on 2 July 2021 for $46,000. He financed the full price of the vehicle and borrowed $9,000 extra to pay off his credit card What will the interest apportionment percentage be? 0% 76.99% 54.90% 68.01% 83.64%On May 1, 2020, Hazel borrowed a sum of money from Far East Bank , payable for 2 years at 8% simple interest. She paid P6,000 for the interest of her loan. Find how much was borrowed by Hazel.
- Joanna has an unpaid balance of $2500 on her account as of October 9, 2020. On October 15 and October 17, 2020, she used it to buy new laptop and cellphone for $20,000 and $11,900, respectively. And on October 22, she used it again to buy a new pair of shoes worth $870. She made a payment of $15,000 on November 2, 2020 and has decided not to use it again until she paid it off. The credit card she used has an interest rate of 1.75%, what will be the total finance charges on the November 9, 2020 bill?Jessica purchased a home on January 1, 2021, for $750,000 by making a down payment of $300,000 and financing the remaining $450,000 with a loan, secured by the residence, at 6 percent. During 2021 and 2022, Jessica made interest-only payments on this loan of $27,000 (each year). On July 1, 2021, when her home was worth $750,000, Jessica borrowed an additional $187,500 secured by the home at an interest rate of 8 percent. During 2021, she made interest-only payments on the second loan in the amount of $7,500. During 2022, she made interest-only payments on the second loan in the amount of $15,000. What is the maximum amount of the $42,000 interest expense Jessica paid during 2022 that she may deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard? (Assume not married filing separately.)Sandy's parents would like to have an annuity pay her $600 at the beginning of every month from September 1, 2012, to April 1, 2017, to help with her university tuition and living expenses. On May 1, 2017, they would like to give her a graduation gift of $6,000. If the annuity can earn 6.15% compounded monthly, how much money must be in the account on September 1, 2012?
- On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)Jessica purchased a home on January 1, 2018 for $510,000 by making a down payment of $200,00 and financing the remaining $310,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018 and 2019, Jessica made interest-only payments on this loan of $18,600 (each year). On July 1, 2018, when her home was worth $510,000 Jessica borrowed an additional $127,500 secured by the home at an interest rate of 8 percent. During 2018, she made interest-only payments on the second loan in the amount of $5,100. During 2019, she made interest only on the second loan in the amount of $10,200. What is the maximum amount of the $28,800 interest expense Jessica paid during 2019 may she deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard? (Assume not married filing separately.) Multiple Choice ___ $0. ___ $10,200. ___ $27,106. ___ $6,600.Jessica purchased a home on January 1, 2019, for $580,000 by making a down payment of $230,000 and financing the remaining $350,000 with a loan, secured by the residence, at 6 percent. During 2019 and 2020, Jessica made interest-only payments on this loan of $21,000 (each year). On July 1, 2019, when her home was worth $580,000, Jessica borrowed an additional $145,000 secured by the home at an interest rate of 8 percent. During 2019, she made interest-only payments on the second loan in the amount of $5800. During 2020, she made interest-only payments on the second loan in the amount of $11,600. What is the maximum amount of the $32,600 interest expense Jessica paid during 2020 that she may deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard? (Assume not married filing separately.) (Enter only numbers with no dollar signs or other punctuation.)
- Betty borrowed $200,000 at an interest rate of 10% p.a. from XYZ bank to purchase the goodwill, premises, equipment and stock of a cookware shop. As security for the loan, she was required to mortgage her holiday home. Please discuss whether the interest would be deductibleOn June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the Ordinary simple interest using exact time?Godo In 2017, Karen purchased a house for $150,000 to use as her personal residence. She paid $30,000 and borrowed $120,000 from the local savings and loan company. In 2020, she paid $20,000 to add a room to the house. In 2022 she paid $2,400 to have the house painted and $1,200 for built-in bookshelves. As of January 1 of the current year, she has reduced the $120,000 mortgage to $108,300. What is her basis for the house?