Calculate the finance charge on home equity loan

Assignment Help Financial Management

Reference no: EM132063679

1. On April 29, Rayma Ramirez made a payment on her 7.75% car loan. After making the payment, the balance was $1,844.22. Rayma got her income tax refund, and on May 21 she pays off the loan. What is the payoff amount?

$1,844.22

$142.93

$1,987.15

$1,852.83

2. Calculate the finance charge on a home equity loan based on an average daily balance of $97,552 during a 30-day billing period. The lender charges 5.75% interest and calculates interest based on a daily periodic rate. Assume a 365-day year and round the daily periodic rate to 8 decimal places.

$467.44

$15.37

$461.03

$1,536.78

3. Juan and Lisa are getting prequalified for a mortgage loan. Juan earns $3,800 a month; Lisa is a homemaker. Based on the price home they hope to buy, the lender estimates property taxes at $2,450 a year and insurance at $680. Juan has a car payment of $322; Lisa’s car is paid off. They each have a minimum credit card payment of $10. Based on a back-end ratio of 41%, what is the maximum monthly payment they qualify for?

$1,558.00

$1,297.17

$955.17

$2,242.00

Reference no: EM132063679

Questions Cloud

Oxidative and a nonoxidative section : The pentose phosphate cycle has an oxidative and a nonoxidative section and these are presented as both playing important metabolic roles

Evaluate policy initiatives regarding child welfare : Protecting children from abuse and neglect is a cornerstone of the social work profession. Social work professionals strive to ensure that children grow .

Determine the present value of ten year annuity : Determine the present value of a 10 year annuity that pays $25,000 at the end of each year discounted at a rate of 4%.

Why is carnitine necessary for the metabolism of fatty acids : Why is carnitine necessary for the metabolism of fatty acids? What are "ketone bodies" and why are they important?

Calculate the finance charge on home equity loan : Calculate the finance charge on a home equity loan based on an average daily balance of $97,552 during a 30-day billing period.

Substrate-level phosphorylation to transfer a phosporyl : Why phosphoenolpyruvate (PEP) can be used for substrate-level phosphorylation to transfer a phosporyl group from PEP to ADP to produce ATP and pyruvate.

Prepare kohl journal entries for the initial transaction : Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,437 at maturity

What is the total cost of the boat-including tax : What is the total cost of the boat, including tax and license fees and finance charges?

Carbohydrates and replenish our glycogen supply : After a day of not eating, when our liver glycogen supply is depleted, can the liver convert fats into carbohydrates and replenish our glycogen supply?

User Account

All Pages