Find the following for a $200,000 fixed-rate mortgage and the given information. a) Monthly mortgage payment (principal and interest) b) Monthly house payment (including property taxes and insurance) c) Initial monthly interest d) Income tax deductible portion of initial house payment e) Net initial monthly cost for the home (considering tax savings) Owner's Income Tax Term of Mortgage 20 years Interest Rate 6% Annual Property Tax $1188 Annual Insurance $624 Bracket 15%

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Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.