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You want to buy a house, but you still need to pay your car loan of $15,000 over the next 3 years. Your annual income is $50,000 and the bank estimates that your monthly mortgage payments should not represent more than 28% of your monthly income. You have decided to use that percentage of your current income to repay your car loan and to save for the down payment on the house. In this way you will adjust your current monthly expenses to be ready to make the same monthly payments for 30 years. You estimate that you can get a fixed interest rate of 6.5% on a 15-year mortgage. Closing costs are estimated to be 3% of the loan value and you can invest at an average rate of 5%. If the interest on the auto loan is 8%, determine the following:
Question a) What is the monthly payment on the car loan? How much can you invest each month?
Question b) If you decide to repay your car loan and invest the rest for the down payment at the same time, how much money will the bank loan you in five years? How much can you offer for the house?
Question c) Is there any change in your answers for part (a) if you decide to pay off the car before you begin to investment for the down payment?
Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point.
Determine which od the groups of accounts will be shown on the income statement, Dividends, rent expense, depreciation expense
Cost of goods sold for the year is $240,000. Evaluate what is the company's average days in inventory?
Santana Rey is considering the purchase of equipment for Business Solutions that would allow the company to add a new product to its computer furniture line.
Describe the use of accounting information to internal decision makers as well as how it differs from the information that external decision makers need.
Using these data from the comparative balance sheet of Ivanhoe Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.)
STAR-TRACK sells satellite tracking systems for receiving television broadcasts from communications satellites in space. At December 31, 2018
What is the opportunity cost of the blocked funds, assuming the international parity conditions hold? What is the value of the project with the blocked funds?
What effect will "profit" or "loss" have on the ability of Terri's company to continue to manage the foodservice operations for these hospitals?
Provide a comparative analysis net income and net cash provided by operating activities (ignoring other accrual adjustments) using a 10-year and a 15-year useful life.
In its December 31, 2010 balance sheet, what amount should Fort report as bonds payable?
Prepare the cash collections for the month of December and also a Cash Budget for December. Show all working clearly.
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