origination Fees. Jack needs to borrow $500 for one year. Bank South will give him the...
origination Fees. Jack needs to borrow $500 for one year. Bank South will give him the loan at 11%. SunCoast Bank will give him the loan at 8% with a $23. loan origination fee. First National will give him the loan at 6% with a $9 loan origination fee. Determine the total interest and fees Jack will be charged in each case. Which loan should Jack choose?
* so i know the answer is $55 bank south.
than they asked *If Jack takes the loan at SunCoast Bank, the amount of total interest and fees is ? so i know is $63.
but I dont know how to get the $63. can anyone explained me. ???
please.
Homework Answers
Bank south will charge interest of 11℅ so total interest = 500*11℅ = 55
Suncoast bank will charge interest of 8℅ so total interest = 500*8℅ = 40 plus it will charge loan origination fees of 23
So interest + fees = 40 + 23 = 63
First national will charge interest of 6℅ so total interest = 500*6℅ = 30 plus loan origination fees of 9
So interest + fees = 30 + 9 = 39
Hence jack should opt for first national
Add Answer to:
origination Fees. Jack needs to borrow $500
for one year. Bank South will give him the...
Percentage answers may be rounded to the nearest whole number unless context suggests otherwise. Answer Point...
Percentage answers may be rounded to the nearest whole number unless context suggests otherwise. Answer Point Points Value Earne A. Personal Loans 1. Fees. Devlin needs to borrow $2,000 and plans to pay it back monthly over the next 5 years. For a, b & c below, determine the total interest and fees Devlin will be charged in each case. 1.a Bank South will give him the loan at a 15% annual rate with no origination fee. Work: 1.b Sun...
4- Assume that you can borrow $175,000 for one year from a local commercial bank a. The bank loan officer offers you the loan if you agree to pay $16,000 in interest plus repay the $175,000 at th...
4- Assume that you can borrow $175,000 for one year from a local commercial bank a. The bank loan officer offers you the loan if you agree to pay $16,000 in interest plus repay the $175,000 at the year. What is the percent interest rate or effective cost? discount loan at 9 percent interest. What is the percent interest rate or effective cost? c. Which one of the two loans would you prefer? 5- Assume that the interest a. If...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
Skip Stephens recently graduated from college with a degree I business administration. While attending college, Skip...
Skip Stephens recently graduated from college with a degree I business administration. While attending college, Skip built up a large amount of debt, which currently includes student loans, outstanding credit card balances, bank loans, and so forth. Now that he has a good-paying job, Skip wants to clean up his debt position to improve his credit reputation so that he can qualify for a mortgage when he is ready to purchase a house in a few years. As a result...
I wanted to update you on my efforts to secure an increased line of credit for...
I wanted to update you on my efforts to secure an increased line of credit for working capital. Despite my repeated efforts and the calls that both of you have made to our bank's senior officers, Miami Dade Merchant's Bank (MDM) continues to be inflexible. It refuses to increase our $3.2 million line of credit and says that it will not change its mind. It is also proposing tighter covenants. I have highlighted for MDM our improved EBIT and free...
Read below and answer, Why does a business that has profit of $30,000 per year need...
Read below and answer, Why does a business that has profit of
$30,000 per year need a bank loan?
Jones Electrical Distribution After several years of rapid growth, in the spring of 2007 Jones Electrical Distribution anticipated a further substantial increase in sales. Despite good profits, the company had experienced a shortage of cash and had found it necessary to increase its borrowing from Metropolitan Bank-a local one- branch bank-to $250,000 in 2006. The maximum loan that Metropolitan would make...
Hi, Kindly assist with my project management assignment below using the attached case study Question 1 Update the project charter for the remainder of the project in response to Adams’ memo (lines 241...
Hi, Kindly assist with my project management assignment below using the attached case study Question 1 Update the project charter for the remainder of the project in response to Adams’ memo (lines 241 through 246). Question 2 Prepare a plan for the remainder of the project in response to Adams’ memo (lines 241 through 246). Your answers to the above will be assessed in terms of the level of communication displayed, the insights and inferences drawn, and your ability to...
And there was a buy-sell arrangement which laid out the conditions under which either shareholder could...
And there was a buy-sell arrangement which laid out the
conditions under which either shareholder could buy out the other.
Paul knew that this offer would strengthen his financial
picture…but did he really want a partner?It was going to be a long
night.
read the case study above and answer this question
what would you do if you were Paul with regards to financing,
and why?
ntroductloh Paul McTaggart sat at his desk. Behind him, the computer screen flickered with...
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
please answer the question1-5. Case Study in Accounting: LIGHTS, CAMERA, ACTION! Andrew Son is a Grade...
please
answer the question1-5.
Case Study in Accounting: LIGHTS, CAMERA, ACTION! Andrew Son is a Grade 11 high school student in Richmond Hill, Ontario. He enjoys school and does very well in most of his classes, especially accounting. He likes accounting so much that he plans to become a Chartered Professional Accountant when he finishes university. Andrew started his first part-time job last summer as an usher at the local movie theatre, the Yorkland Theatre The Yorkland Theatre is a...
Percentage answers may be rounded to the nearest whole number unless context suggests otherwise. Answer Point Points Value Earne A. Personal Loans 1. Fees. Devlin needs to borrow $2,000 and plans to pay it back monthly over the next 5 years. For a, b & c below, determine the total interest and fees Devlin will be charged in each case. 1.a Bank South will give him the loan at a 15% annual rate with no origination fee. Work: 1.b Sun...
4- Assume that you can borrow $175,000 for one year from a local commercial bank a. The bank loan officer offers you the loan if you agree to pay $16,000 in interest plus repay the $175,000 at the year. What is the percent interest rate or effective cost? discount loan at 9 percent interest. What is the percent interest rate or effective cost? c. Which one of the two loans would you prefer? 5- Assume that the interest a. If...
Read below and answer, Why does a business that has profit of
$30,000 per year need a bank loan?
Jones Electrical Distribution After several years of rapid growth, in the spring of 2007 Jones Electrical Distribution anticipated a further substantial increase in sales. Despite good profits, the company had experienced a shortage of cash and had found it necessary to increase its borrowing from Metropolitan Bank-a local one- branch bank-to $250,000 in 2006. The maximum loan that Metropolitan would make...
And there was a buy-sell arrangement which laid out the
conditions under which either shareholder could buy out the other.
Paul knew that this offer would strengthen his financial
picture…but did he really want a partner?It was going to be a long
night.
read the case study above and answer this question
what would you do if you were Paul with regards to financing,
and why?
ntroductloh Paul McTaggart sat at his desk. Behind him, the computer screen flickered with...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
please
answer the question1-5.
Case Study in Accounting: LIGHTS, CAMERA, ACTION! Andrew Son is a Grade 11 high school student in Richmond Hill, Ontario. He enjoys school and does very well in most of his classes, especially accounting. He likes accounting so much that he plans to become a Chartered Professional Accountant when he finishes university. Andrew started his first part-time job last summer as an usher at the local movie theatre, the Yorkland Theatre The Yorkland Theatre is a...
Most questions answered within 3 hours.
-
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 31 minutes ago -
Bank of America has bonds that pay a coupon interest rate of 5.5
percent and mature...
asked 1 hour ago -
Problem: Patient Fees C++
You are to write a program that computes a patient’s bill for...
asked 2 hours ago -
In a population of interest, we know that, 77% drink coffee, and
23% drink tea. Assume...
asked 3 hours ago -
Given that f(x) = e-(x-1) for x > 1, determine the following
probabilities:
a) P(X <...
asked 3 hours ago -
A mechanic pushes a 2.60 ✕ 103-kg car from rest to a speed of v,
doing...
asked 3 hours ago -
International information systems result in all of the following
except:
A. improved quality of information flow....
asked 2 hours ago -
The president of the retailer Prime Products has just approached
the company’s bank with a request...
asked 3 hours ago -
If the carrying amount is $200,000 and recoverable amount is
$205000, the impairment amount is:
Select...
asked 3 hours ago -
The correlation is inappropriate as a measure of association
between two quantitative variables (you may select...
asked 3 hours ago -
USE THE DATA IN THE TABLE BELOW TO ANSWER QUESTIONS 19 – 24
(Assume all account...
asked 3 hours ago -
Mahaley, Inc., manufactures and sells two products: Product Q9
and Product F0. Data concerning the expected...
asked 3 hours ago