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Question - You are a new loan officer with Alpha Mortgage, and the manager of the loan department has just presented a problem to you. He is unable to complete the APR calculation on an adjustable rate mortgage that a borrower applied for yesterday. The loan features initial payments based on a 5 percent rate of interest at loan closing. The current composite rate on the loan is 7 percent. Two discount points have been paid by the borrower. Any difference between borrower payments and the interest payment required at the composite rate will be accrued in the mortgage balance in the form of negative amortization. The mortgage amount desired by the borrower is $65,000 for a 30-year term.
Required - Determine the APR, assuming that the ARM is made with a 2 percent annual and 5 percent over-the-life interest rate cap.
Polychromasia, Inc. had a number of receivables from subsidiaries at the balance sheet date, as well as several payables to subsidiaries.
Tyremart Inc provides a two-year warranty on winter tyres it manufactures below are the excerpts for Dec 2020 - What is the warranty Expense for Dec
woodgrain technology makes home office furniture from fine hardwoods. the company uses a job-order costing system and
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The customer is expected to draw down 80 percent of the commitment at the beginning of the year. a. What is the expected return on the loan without taking future values into consideration?
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Give the entries needed for the above information - What is the balance of the free or unrestricted retained earnings as of December 31
South River Chemicals Pty Ltd. manufactures a product called Zybek. Direct materials are added at the beginning of the process and conversion activity occurs.
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