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Loan Type Annual Operating Real Estate Protective Advance for real estate taxes plus interest Payment Due (P&I) $15,100 $10,900 $5,000 Priority of Payment Amount To Be Applied 1. What is the payment date of credit? Offe 2. What is the priority of application and what amount would be applied to each loan? (Enter your answers in the table above.)

Loan Type Annual Operating Real Estate Protective Advance for real estate taxes plus interest Payment Due (P&I) $15,100 $10,900 $5,000 Priority of Payment Amount To Be Applied 1. What is the payment date of credit? Offe 2. What is the priority of application and what amount would be applied to each loan? (Enter your answers in the table above.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Directions: Review the following scenario and answer the questions that follow. Scenario: The farm loan office receives a check in the amount of $20,500 from the sale of corn. The check is dated November 5th. The borrower brings the check in on November 8th. The purpose listed on FSA-2040 indicates that the use of proceeds is to make FSA installments. The borrower has two FSA loans and a protective advance to pay real estate taxes: Loan Type Annual Operating Real Estate Protective Advance for real estate taxes plus interest Payment Due (P&I) $15,100 $10,900 $5,000 Priority of Amount To Be Payment Applied 1. What is the payment date of credit? 2. What is the priority of application and what amount would be applied to each loan? (Enter your answers in the table above.)
Transcribed Image Text:Directions: Review the following scenario and answer the questions that follow. Scenario: The farm loan office receives a check in the amount of $20,500 from the sale of corn. The check is dated November 5th. The borrower brings the check in on November 8th. The purpose listed on FSA-2040 indicates that the use of proceeds is to make FSA installments. The borrower has two FSA loans and a protective advance to pay real estate taxes: Loan Type Annual Operating Real Estate Protective Advance for real estate taxes plus interest Payment Due (P&I) $15,100 $10,900 $5,000 Priority of Amount To Be Payment Applied 1. What is the payment date of credit? 2. What is the priority of application and what amount would be applied to each loan? (Enter your answers in the table above.)
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