Following are transactions for Valdez Services, a company owned by Brina Valdez. Brina Valdez invested $20,000 cash in the company in exchange for common stock. The company provided services to a client and immediately received $900 cash. The company received $10,000 cash from a client in payment for services to be provided next year. The company received $3,500 cash from a client in partial payment of accounts receivable. The company borrowed $5,000 cash from the bank by signing a note payable.
Required:
Prepare general journal entries for the above transactions of Valdez Services.
Answers
Related Questions
Number correctly the five steps to be used in balancing a bank statement.
a. Subtract from your record book any charges not yet recorded.
b. Locate and add the amounts of outstanding checks.
c. Compare the totals of your record and the bank statement.
d. Subtract outstanding check total from bank's ending balance.
e. Add to bank's record any deposits not yet credited.
Answers
The five steps to be used in balancing a bank statement are
Compare the totals of your record and the bank statement.Add to the bank's record any deposits not yet credited.Subtract from your record book any charges not yet recorded.Locate and add the amounts of outstanding checks.Subtract the outstanding check total from the bank's ending balance.A document produced by a bank that summarises a customer's account activities for a specified time period, often a month is called a bank statement which is often used as evidence in legal action. It lists all transactions that occurred over that time period, including deposits, withdrawals, transfers, and fees.
The purpose is to guarantee that the records are accurate and complete and that the amount in the record book equals the balance on the bank statement and avoid any fraud or mismanagement.
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adopt the position of either a railroad magnate or a native american representative. if you are the railroad magnate, explain why laying track through native american territory in the american west is a good idea. if you are the native american representative, explain why railroad construction should not go through native american territory in the american west. remember, your focus here is on indian removal and westward expansion after the civil war, not prior (i.e., not the trail of tears or the cotton plantation economy).
Answers
The Cherokee, Choctaw, Muscogee (Creek), Chickasaw, and Seminole tribes were driven from their ancestral lands by the Trail of Tears, which prevented white Americans from expanding westward.
What caused the Trail of Tears and the Indian Removal Act?
The Five Civilized Tribes in the Southeast were specifically targeted by the Indian Removal Act of 1830, which was the impetus for the Trail of Tears. The Federal Government negotiated treaties to free up Indian-occupied land for white settlers, as mandated by the Indian Removal Act.
Was part of the westward expansion the Indian Removal Act?
Westward Expansion In the 1810s, a significant movement toward the west coast of North America began. Economic promise, federally issued Indian removal acts, and the belief in manifest destiny all contributed to its intensification. Utilizing a system of westbound trails, pioneers made their way to Oregon and California.
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WHOEVER ANSWERS NOW I WILL GIVE BRANLIEST!!! And more!!
Supply and Demand Activity: Student will research consumer demand for a high tech product (smart phone, tablet, etc.) and graph annual sales volume against average price. He/She will explain in the graph’s caption the reason for the price-volume relationship and present findings.
Answers
Answer:
! To conduct the supply and demand activity for a high-tech product, such as a smartphone or tablet, follow these steps:
1. Research: Select a specific high-tech product and gather data on its annual sales volume and average price over a period of time. You can use market reports, industry publications, or online databases to obtain this information.
2. Graph Creation: Create a graph with the annual sales volume on the y-axis (vertical) and the average price on the x-axis (horizontal). Label the axes clearly and appropriately.
3. Data Plotting: Plot the data points on the graph, representing each year's sales volume and average price. Connect the points with a line or curve to visualize the relationship between price and volume.
4. Caption and Analysis: Write a caption for the graph that explains the observed price-volume relationship. Analyze the graph and discuss why changes in price impact the sales volume. Consider factors such as consumer behavior, price elasticity, market competition, and technological advancements that influence the demand for high-tech products.
5. Findings Presentation: Present your findings to your audience, whether it's your classmates, teacher, or a larger group. Explain the relationship between price and volume, supported by your graph and analysis. Highlight any insights or trends you discovered during your research.
Remember to use clear and concise language in your presentation and support your explanations with evidence from your research.
To research consumer demand for a high-tech product like a smartphone, tablet, or any other electronic device, you can gather data on annual sales volume and average price over a specific period. Once you have the data, you can plot a graph to analyze the relationship between price and volume.
Here's an example of how the graph could look:
Price-Volume Relationship Graph
Caption: The Price-Volume Relationship in the High-Tech Product Market
In this graph, the x-axis represents the average price of the high-tech product, while the y-axis represents the annual sales volume. The data points plotted on the graph indicate the relationship between price and volume
Based on the data, we can observe a negative correlation between price and volume. As the average price of the product increases, the sales volume tends to decrease. Conversely, as the average price decreases, the sales volume tends to increase.
This relationship can be explained by the basic principles of supply and demand. When the price of a high-tech product is higher, it becomes less affordable for consumers, leading to a decrease in demand and consequently a lower sales volume. On the other hand, when the price is lower, it becomes more accessible, increasing the demand and resulting in a higher sales volume.
The graph highlights the importance of finding an optimal price point that balances profitability and consumer demand. It also suggests that price reductions could potentially lead to increased sales volume, while price increases may result in decreased volume.
These findings can be valuable for businesses in the high-tech industry to understand consumer behavior, set pricing strategies, and make informed decisions regarding supply and demand dynamics.
Remember, for a comprehensive analysis, it is essential to consider additional factors such as market competition, product features, consumer preferences, and overall market conditions.
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In terms of morality, which do you believe is more important -- the intention of an action or the consequences of an action? Explain, using the ethical reasoning of Kant or utilitarianism to support your view. Share an example that illustrates your point. Make sure you fully demonstrate that you understand the theory you are using.
Answers
Whereas utilitarianism places more emphasis on results, Kantism places more emphasis on intention. The decision between these two ethical systems ultimately comes down to personal values and views.
According to Kantianism, an action's morality is determined by its purpose rather than by its outcomes. Kant felt that the categorical imperative, which states that we should only act in ways that we could wish to be universal standards, should serve as a guide for our action. Wgere utilitarianism, a consequentialist ethical philosophy, holds that an action's morality is determined by its effects. According to utilitarianism, a decision is morally right if it leads to the greatest amount of happiness for the largest number of people.
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Which of the following explains why products made under a command economy are more likely to be low quality?
O A) The workers who make them have little incentive to make them well.
O B) The workers who make them are not given quality-control guidelines.
O C) The workers who make them are left to manage production facilities on their own.
O D) The workers who make them are forced by tradition to use old-fashioned methods.
Answers
Answer:
O A) The workers who make them have little incentive to make them well.
Explanation:
In a command economy, the government does all the production through its agencies and institutions. The government employs all the workers. Public interest is the motive for engaging in commercial activities. Production is not profit-motivated; hence goods and services are availed to customers are low prices. The employees' pay is not high as organizations don't generate a lot of profits. Employee morale is low due to the low pay.
In command economies, there is no business competition. Government institutions are monopolies. Without competition, there is little innovation in the country. Employees are not challenged to develop new products as consumers have no other alternatives.
PLC Ltd. found the following debts to be bad on the dates shown
Answers
The acronym PLC, which stands for a public limited company, indicates that the firm's shares are publicly traded. It is the British equivalent of "Inc." in the United States.
What is PLC?In the United Kingdom, a public limited company (PLC) is a type of public business. PLC is the counterpart of a publicly listed firm in the United States that uses the Inc. or corporation classification. The inclusion of the PLC acronym following a business's name is required, and it informs investors and anybody interacting with the firm that it is a publicly listed corporation. PLC, which stands for a public limited company, is an acronym for public corporations in the United Kingdom.
PLCs make up the majority of the firms listed on the London Stock Exchange. A PLC shares can be purchased by any regular investor. Unlike privately held companies, public companies are required to publish financial data and disclosures to the public on a regular basis.
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Question 11 of 20
Tim, a high school junior, has started his first job working as a lifeguard over
the summer. He plans to save the money he earns to help pay for living
expenses when he's in college. What type account should Tim set up?
A. A saving account
B. A certificate of deposit account
C. A money market account
OD. A checking account
Answers
The type of account that Tim should set up would be A. A savings account.
Why is this the best account ?Individuals seeking to save their finances over a certain period and earn interest on them may opt for the savings account type. These savings accounts often feature lower interest rates, yet compensate through easy availability of funds and absence or minimal fees.
In Tim's case, his objective to save up for college expenses could be easily achieved with such an account thanks to its potential to earn returns while also allowing him quick access to his money without excessive charges.
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Research and then discuss the two types of equity found on the balance sheet that contribute to total stockholder’s equity for the corporation. With respect to rewarding stockholder investment, which of these components of equity is most important? Explain why?
Answers
The equity on the balance sheet that contribute to total stockholder’s equity for the corporation are:
stockholders' equityowner's equityWhat is a total stockholder’s equity?The total stockholders' equity means the total value of assets that remains in a business after all the total liabilities have been settled.
However, the stockholders' equity is the most important for rewarding stockholder investment because it is the basis at which a dividend for the stockholder will be calculated.
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Taisha operates equipment to transfer oil from one container to another. Her job title is best described as
Spencer manages the flow of electricity through substations and distribution lines. His job title is best described as
Mariko maintains cables and supporting structures for transmitting electricity. Her job title is best described as
Fred operates equipment to transfer hydrogen through pipelines. His job title is best described as
Answers
Answer:
she would be the pump opperater
Explanation:
Answer:pump operator
Power dispatcher
Electrical power-line repairer
Gas pumping station operator
Explanation:
training napkin folding you experience for about
Answers
The art of folding napkins is an exquisite skill that adds elegance and sophistication to anydining experience.
Why is this so?As a culinary expert, I have honed my expertise in various napkinfolding techniques.
From classic folds like the Bishop's Hat and the Rose to more intricate designs like the Fan and the Swan, each fold is carefully executed to create a visually stunning table setting.
Mastering the art of napkin folding enhances the overall ambiance and showcases attention to detail, elevating the dining experience to new heights.
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Full Question:
Although part of your question is missing, you might be referring to this full question:
Write about The art of folding napkins based on your experience
Which situation would increase the scarcity of a product?
A. Demand for the product falls, and fewer customers buy it.
B. One of only two factories that made the product shuts down.
C. A new production method lowers the cost of making the product.
D. A foreign country begins exporting the product in high volume.
Answers
Answer:
B. one of only 2 factories that made the product shuts down.
which of the following is true of heirarchical clustering
Answers
Answer:
*See Explanation*
Explanation:
Heirarchical Clustering is a form of collective data. For example if you want to find out which Soda sells more you would collect data based on reviews from customers of each purchase. Your data will be collected in a cluster which you will then organize into a valuable marketing strategy.
If a savings account has a nominal interest rate of 2% and compounds quarterly, what is the effective annual interest rate?
Answers
Answer:
To calculate the effective annual interest rate (EAR) from a nominal interest rate with quarterly compounding, you can use the following formula:
EAR = (1 + (r/n))^n - 1
Where:
r is the nominal interest rate (expressed as a decimal), which is 2% in this case (0.02).
n is the number of compounding periods per year, which is 4 (quarterly compounding).
Plugging in the values, we have:
EAR = (1 + (0.02/4)) - 1
= (1 + 0.005) ⁴- 1
= (1.005) 1
≈ 0.0202
Therefore, the effective annual interest rate for a savings account with a nominal interest rate of 2% and quarterly compounding is approximately 2.02%.
You are evaluating five different investments, all of which involve an upfront outlay of cash. Each investment will provide a single cash payment back to you in the future. Details of each investment appears here: . Calculate the IRR of each investment. State your answer to the nearest basis point (i.e., the nearest 1/100th of 1%, such as 3.76%).
Answers
Answer:
A
IRR = 8.27%
B
IRR = 4.69%
C
IRR = 10.77%
D
IRR = 9.47%
E
IRR = 4.81%
Explanation:
Here is the table containing information on the investments
Initial investment value Future Investment Value Year
$1,100 $2,637 11 $9,500 $13,091 7 $400 $1,855 15 $3,200 $5,030 5 $6,000 $9,598 10
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
A
Cash flow in year 0 = $-1,100
Cash flow from year 0 - 10 = 0
Cash flow in year 11 = $2,637
IRR = 8.27%
B
Cash flow in year 0 = $-9,500
Cash flow from year 0 - 6 = 0
Cash flow in year 7 = $13,091
IRR = 4.69%
C
Cash flow in year 0 = $-400
Cash flow from year 0 - 14 = 0
Cash flow in year 15 = $1,855
IRR = 10.77%
D
Cash flow in year 0 = $-3200
Cash flow from year 0 - 4 = 0
Cash flow in year 5 = $5,030
IRR = 9.47%
E
Cash flow in year 0 = $-6000
Cash flow from year 0 - 9 = 0
Cash flow in year 10 = 9598
IRR = 4.81%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
The first step in pursuing your financial goals is_______. PLEASE HELP
Answers
Answer:
The first step towards realizing your financial goals is creating a realistic budget. A budget is simply a spending plan that is based on your expenses and income. A written plan helps you stay on track, day to day and month to month, for meeting your financial goals. For most students, debt is a part of life.
Explanation:
Hope this helps!
The first step towards realizing our financial goals is creating a realistic budget and evaluating our current financial situation.
What is a budget?Simply put, a budget is a spending plan based on our income and outgoings. A written plan keeps you on track to meet your financial goals on a daily and monthly basis. It is a financial plan that details expected expenses and income for a specific time period.
To assist us in achieving our financial objectives, develop a financial plan. Taking inventory of what we have and considering what we need is a good place to start. Keep track of our income and expenses. We may move forward with confidence when we know how much money we can dedicate to certain objectives each month.
Therefore, a realistic budget is the first stage of the financial planning process and it can change our financial situation.
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The value of data mining to the business is:
Answers
Answer:
Simple answer. Competitive advantage.
The value of data mining to a business is primarily the ability to find trends and patterns of knowledge from large amounts of data. Hence option C is correct.
By employing data mining techniques, businesses can extract valuable insights and actionable information from their vast datasets, enabling them to make informed decisions and gain a competitive edge.
Data mining algorithms can uncover hidden relationships, identify patterns, and detect anomalies within the data, providing valuable business intelligence. This process allows organizations to understand customer behavior, optimize marketing strategies, improve operational efficiency, and mitigate risks.
While data mining can also facilitate the retrieval of specific information for executive decision-making, its true power lies in its capacity to reveal meaningful patterns and trends that might otherwise remain undiscovered.
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Complete question is as follow:
The value of data mining to the business is:
O a. The ability to find the needle in the haystack.
O b. The ability to find a specific customer name and account number from large amounts of data.
O c. The ability to find trends and patterns of knowledge from large amounts of data.
d. The ability to find the location of information needed for executive decisions.
Suppose Lizzie consumes soda and pizza. If the last bottle of soda she drinks provides 100 units of utility per dollar while the last slice of pizza she eats provides 300 units of utility per dollar:_____.
a. the demand curve for soda must have shifted outward.
b. the demand curve for pizza must have shifted inward.
c. Lizzie should buy more pizza and less soda to maximize her utility.
d. the indifference curve for soda and pizza must have rotated inward.
e. the marginal rate of substitution between soda and pizza equals 3.
Answers
The answer is option c. Lizzie has to buy more pizza and less soda so that she can maximize her utility.
The reason why this is the answer is because, the utility that she gets from the consumption of pizza is greater than the utility that she derives from consuming soda.
From the question, when she eats pizza she gets 300 units of utility compared to when she drinks her last soda that only gives her 100 units of utility.
In conclusion, She should buy more of what gives her maximum utility. That is Pizza.
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A good interpreter will be :_________.
A. bilingual, familiar with both business cultures, and employed by one of the businesses.
B. bicultural, bilingual, and familiar with both business cultures.
C. bicultural and an employee of the visiting business.
D. bicultural, bilingual, and employed by the host business.
Answers
Answer:
i would say A. sry if it's wrong :(
Explanation:
as a component of the situation analysis, a___focuses on the current state of the market to which the firm will sell its products. (enter one word in each blank.)
Answers
As a component of the situation analysis, a Market Research focuses on the current state of the market to which the firm will sell its products.
What do you know about a Market Research?
Market research is a process of collecting, analysing and interpreting data in order to make business decisions. It involves researching the target market, segmenting the market, assessing customer needs and preferences, understanding the competition and setting objectives. This helps businesses to understand their market better and create a product or service that meets the needs of their customers. It is important to understand the current market trends and customer behaviour in order to create a successful strategy. Market research also helps businesses to identify new opportunities, launch new products, assess customer satisfaction and measure the effectiveness of their marketing efforts.
So, The required answer is Market Research.
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Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management has designed an activity-based costing system with the following activity cost pools and activity rates:
Activity Cost Pool Activity Rate
Supporting direct labor $ 22 per direct labor-hour
Order processing $ 194 per order
Custom design processing $ 268 per custom design
Customer service $ 416 per customer
Management would like an analysis of the profitability of a particular customer, Big Sky Outfitters, which has ordered the following products over the last 12 months:
Standard Model Custom Design
Number of gliders 11 3
Number of orders 1 3
Number of custom designs 0 3
Direct labor-hours per glider 29.50 31.00
Selling price per glider $ 1,825 $ 2,490
Direct materials cost per glider $ 464 $ 584
The company’s direct labor rate is $16 per hour.
Required:
Using the company’s activity-based costing system, compute the customer margin of Big Sky Outfitters. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Loss amounts should be entered with a minus sign.)
Answers
The total costs for Big Sky Outfitters is $6,566, The customer margin of Big Sky Outfitters is $14,123.
How to calculate the company’s activity-based costing system and the customer margin of Big Sky Outfitters.Calculating the costs for each activity:
1. Supporting direct labor:
Standard Model: 11 gliders x 29.50 direct labor-hours per glider x $16 per hour = $5,152
Custom Design: 3 gliders x 31.00 direct labor-hours per glider x $16 per hour = $1,488
2. Order processing:
Standard Model: 1 order x $194 per order = $194
Custom Design: 3 orders x $194 per order = $582
3. Custom design processing:
Custom Design: 3 custom designs x $268 per custom design = $804
4. Customer service:
Customer Service: 1 customer x $416 per customer = $416
Calculating the total costs for Big Sky Outfitters:
Total costs = Supporting direct labor + Order processing + Custom design processing + Customer service
Total costs = $5,152 + $194 + $804 + $416 = $6,566
Now, let's calculate the total revenues for Big Sky Outfitters:
Total revenues = (Number of gliders x Selling price per glider) - (Number of gliders x Direct materials cost per glider)
Total revenues = (11 x $1,825) - (11 x $464) + (3 x $2,490) - (3 x $584)
Total revenues = $20,075 - $5,104 + $7,470 - $1,752 = $20,689
Finally, let's compute the customer margin:
Customer margin = Total revenues - Total costs
Customer margin = $20,689 - $6,566 = $14,123
Therefore, the customer margin of Big Sky Outfitters is $14,123.
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4. What would be the best pricing strategy for a deli opening in a competitive business
district where the lunchtime rush is the bulk of the business? Explain your answer
Answers
Answer:
During the times of opening, the business can offer lucrative and attractive discounts and deals such as buy one get one free deals or opening offers or different deals and discounts to gain competitive business advantage.
Explanation:
Suppose you own a preferred stock that promises to pay an annual dividends of 8% of par value of
the stock received in semiannual basis. If par value is $50, how much the preferred stockholder will
receive?
Answers
Answer:
the preferred stockholder will receive $4 in dividends per semiannual period.
Explanation:
To calculate the amount that the preferred stockholder will receive, we need to consider the dividend rate and the par value of the stock.
Given that the preferred stock promises to pay an annual dividend of 8% of the par value on a semiannual basis, we can calculate the dividend amount per semiannual period.
Dividend per semiannual period = (Dividend rate * Par value) / 2
Dividend per semiannual period = (8% * $50) / 2
Dividend per semiannual period = (0.08 * $50) / 2
Dividend per semiannual period = $4
What steps should Shana take to meet the needs of the company’s sales representatives?
Answers
In the template’s Slide Master tab, select Insert Layout, name the layout, and insert a placeholder. Thus, option C is correct.
Using a computer program, Shana aids the salespeople of the organization in creating presentations for customers will be with the help of a placeholder will be her job role.
Select the sort of filler you wish to add by clicking the Include Placeholder button on the Slide Master tab. Drag the mouse to create the placeholder at the desired area on the slide template. Placeholders may be added to any number.
Therefore, option C is correct.
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The question is incomplete, Complete question probably will be is:
Shana works for a company that makes industrial kitchen equipment that is sold to cafeterias and restaurants. She helps the company’s sales representatives create presentations for clients. They regularly use a custom PowerPoint template to craft their pitches. The sales reps have asked for a slide that will allow them to add a diagram showing the benefits of the equipment they sell.
What steps should Shana take to meet the needs of the company’s sales representatives?
Insert a slide for a diagram each time a sales rep needs to create a new presentation.
In the template’s Slide Master tab, use Master Layout to pick a placeholder for a diagram.
In the template’s Slide Master tab, select Insert Layout, name the layout, and insert a placeholder.
Save a brand-new presentation using the template, select Insert, and choose Charts from the Illustrations command group.
[The following information applies to the questions displayed below.]
On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 9%, the bonds will issue at $293,938.
2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024.
(Interest Expense does not equal 12800)
Answers
To record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024, we need to consider the issuance of the bonds and the accrual of interest expense.
1. Bond Issue on January 1, 2024:
Date Account Debit Credit
--------------------------------------------------------
January 1, 2024 Cash $293,938
Bonds Payable $320,000
To record the issuance of $320,000 face value bonds at a discounted price of $293,938.
2. Semiannual Interest Payment on June 30, 2024:
Date Account Debit Credit
--------------------------------------------------------
June 30, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from January 1, 2024, to June 30, 2024.
3. Semiannual Interest Payment on December 31, 2024:
Date Account Debit Credit
--------------------------------------------------------
December 31, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from July 1, 2024, to December 31, 2024.
Please note that the interest expense amount mentioned in the question might be incorrect. Based on the information provided, the interest expense should be $12,800 for each semiannual interest payment, resulting in a total of $25,600 for the year 2024.
A sales day book is best described as what?
Answers
Answer:
The sales day book is a manually-maintained ledger in which is recorded the key detailed information for each individual credit sale to a customer, including the following: Customer name. Invoice number. Invoice date.
This is from goog le
In My own words: sales day book is a ledger or book which they record key detailed information and for each individual credit sale to a customer, which unlikes their customer name, invoice number, invoice date. It kind of shows the seller or workers sale credit to a customer.
Explanation:
management approval of sanlam
Answers
Answer:
Hello!
What is nedded here?
Which situation best describes an oligopoly?
A. A city government selects one company to provide clean water for
its residents.
B. A large oil company buys all of its competitors and shuts them
down permanently.
C. A group of vendors compete to sell the same drinks to fans at a
baseball game.
D. A few large airlines work together to set high prices and eliminate
new competitors.
Answers
Which of the following is an example of a positive externality that would result from converting the inner part of a city to a
pedestrian only area?
The decrease in population in the city
The increase in the commute time for people who work in the area
A decrease in business in the area
The reduction in gas prices for people who work in the area
Answers
The reduction in gas prices is an example.
Whenever a production of good or service benefits the third party who is not directly involved in a market transaction, it is said that positive externality exists in the scenario.
In another word, Positive externalities does exist when a third party benefits an action with involvement with direct transaction..A typical example of where positive externality exist is when there is reduction in gas prices for people who work in the area. A third party who need fuel will benefit here because there were few need for fuel in pedestrian area, leading to crash in fuel price.Learn more about Positive externalities here
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Answer:
the decrease in pollution in the city
Explanation:
just took the test
EAR versus APR [LO4] Two banks in the area offer 30-year, $220,000 mortgages at 5.5 percent and charge a $3,500 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I.M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with non fundable fees (presumably because refundable fees are part of the loan rather than a fee). What are the EARs on these two loans? What are the APRs?
Answers
Answer:
application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I.M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with non fundable fees (presumably because refundable fees are part of the loan rather than a fee). What are the EARs on these two loans? What are the APRs?
Which type of loan is similar to a credit card, where the lender sets the
maximum amount that you can borrow based on your equity in the home?
A. An amortization
O B. A second mortgage
O C. Equity
D. An equity line of credit
Answers
Answer:
second morgage
Explanation:
A second mortgage is a lien taken out against a property that already has a loan on it. A lien is a right to possess and seize property under specific circumstances.
Answer: D. An equity line of credit
Explanation: Took the quiz and got it right.