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You bought a house at $312,500 and borrowed $250,000 in a fully amortizing 30 year fixed-rate mortgage at an interest rate of 7% to buy your home 5 years ago. You have lived in your home for 5 years and still have the original loan.
1. How much could you borrow against the value of the home, assuming housing prices increased 2% per year for the last 5 years and the bank would again allow you to borrow 80% of the value of the home?
2. A lender has approached you with an offer to cash-out refinance at 6.4% with 80% LTV. There are 2 percent discount points and $2000 closing fees for the new loan (no prepayment penalty). What amount could a borrower ‘cash out’ due to refinancing?
3. What is return of the cash-out refinance (in percent) assuming the new loan is made for 25 years and you hold the new loan until maturity? (Note: I am NOT asking the effective cost of borrowing)
You bought one of Great White Shark Repellant Cos 6.6 percent coupon bonds one year ago for $1,056. These bonds make annual payments and mature 11 years from now. Suppose you decide to sell your bonds today, when the required return on the bonds is 4..
Net sales on account during year $517, 500 Cost of merchandise sold during year 450,000 Accounts receivable. -Based on the following data for the current year, what is the inventory turnover?
(Present value?) What is the present value of the following future? amounts?
The phenomenon known as "flight to quality" causes yields on government bond and corporate bonds. A single bond issue with multiple maturity dates is called. The required return on a bond is equal to. The current yield on a bond is most similar to
On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following t..
The firm’s accounts payable were $375,000. Sales in 2013 were $2,500,000, and are expected to increase by 40% in 2014. Recall that current liabilities vary directly with sales. How much in total debt is the firm expecting for the year 2014? Calculate..
Compute income taxes owed for a firm with the following data:
In February 2009 Treasury 6s of 2026 offered a semiannually compounded yield of 3.5965%. Recognizing that coupons are paid semiannually, calculate the bond's price. Include settlement date, maturity date, coupon rate, YTM and Price. In February 2009 ..
Why might it be easier for an investor desiring to diversify his portfolio internationally to buy depository receipts rather than the actual shares of the company?
Mike wants to buy a new car and pay it off in a decent amount of time. He is willing to initially put a down payment of $10,000 today. The car salesman says that he can give Mike a loan for the rest of the car for $250 a month for the first 6 months ..
Sweet Fruit, Inc. has a $1000 par value bond that is currently selling for $1280. It has an annual coupon rate of 9.90 percent, paid semi annually, and has 10-years remaining until maturity. What would the annual yield to maturity be on the bond if y..
Ferd Rumpledink at UBS now observes the data below for the USD and the CHF. He still has 10,000,000 USD or the CHF equivalent (at the current spot rate) to invest for 180 days. Can Ferd make an arbitrage profit on this situation?
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