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Fill in the blanks to complete sentence.
9.The loan guarantee is issued at the request of the __________ in favor of __________
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- 3._______ A loan that is approved before the money isactually needed.8 ____________is a written promise to pay a specified amount of money, usually with interest, either on demand or at a definite future date. a. Debtors b. Invoice c. Promissory note d. Letter of authorityFill in the blanks to complete sentence. 8. ______bond ensures the repayment of the advance by the exporter in the event of the non-performance of his contractual obligations.
- 20 .A promissory note is"inchoate" until it has been delivered to the____ a. payer or bearer b.payee or drawee c.payee or bearer19. If an individual renders services to a creditor who in consideration thereof cancels the debt, the cancellation of indebtedness may,amount to a: a. Gift С. Donation inter vivos b. Capital contribution d. Payment of income CS Scanned with CamScannerThe promissory note includes the due date when you will have to pay for the promised amount. * True O False
- 117 According to the TILA-RESPA Integrated Disclosure rule (TRID), which of the following fees may be collected prior to a loan estimate being issued A) Application fee B) Appraisal fee C) Credit report fee D) Origination fee22 - What is the name given to the person who is the debtor of the policy and will pay his debt with promissory notes when due?A) DrawerB) AddresseeC) ReporterD) BearerE) BeneficiaryAn important application of -Select- loans. Each loan payment consists of interest and repayment of principal. This breakdown is often developed in an amortization schedule. Interest is -Select- v in the first interest involves amortized loans. Some common types of amortized loans are automobile loans, home mortgage loans, and business period and -Select- over the life of the loan, while the principal repayment is | -Select- v in the first period and it | -Select- thereafter. Quantitative Problem: You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 5 years, with the first payment to be made one year from today. He requires a 8% annual return. a. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. $ b. How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate…
- A loan secured with a financial asset (eg. Accounts receivables) is a called a ___________ loan. Collateral Debenture Mortgage Notes payable6. When unspecified receivables are used to secure for a loan, which accounting treatment is required? Only a note to financial statement is required The borrower notifies the debtor that their receivables were assigned the borrower should not notify the debtor that their receivables were assigned Notify the debtor that their receivable was sold3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of payment