Megan Mei is charged 2 points on a $120,000 loan at the time of closing. The original price of the home before the down payment was $140,000. The points in dollars cost Megan: Multiple Choice None of these $2,400 $2,800

Q: Dina loans $24,000 to her daughter Erin and does not charge any interest. Erin has investment income…

A: To avoid gift tax consequences, the IRS requires that a minimum interest rate, called the Applicable…

Q: Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former ow…

A:

Q: Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed…

A: The note can be long-term or short-term. The notes issues for less than a year are called short-term…

Q: narvia purchased a used roadster with a $15,000 three -year loan at 6%. Her monthly payments are…

A: Here,Loan Amount is $15,000Interest Rate (r) is 6%Time Period (n) is 3 yearsMonthly Payment (PMT) is…

Q: On April 1, year 1, Mary borrowed $140,000 to refinance the original mortgage on her principal…

A: A home mortgage loan is nothing but the loan secured against a residential propertyIt can be…

Q: Mike Jones bought a new split-level home for $150,000 with 20% down. He decided to use Quicken Loans…

A: Present value of annuity is computed as follows:-PV= A*wherePV= Present value of annuityA= annuityr=…

Q: Need Answer please give it

A:

Q: The Bourassas decide to sell a home for $480,000. They are charged a real estate commission of 8% of…

A: A real estate commission is a fee paid to a real estate broker or agent for their services in…

Q: Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment.…

A: Total Present Value = $225,000 Down payment = $30,000 Present Value of Loan = $195,000 Annual…

Q: SCHOOL OF BUSINESS ADMINISTRATION Corporate Financial Management FINC 401 Answer the following…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: Question 7 of 16 Erin purchased a house for $375,000. He made a downpayment of 20% of the value of…

A: Purchased a house - $375,000 Downpayment - 20% of the value of the house Mortgage for the rest of…

Q: Susan owes $2,400 to Fancy Flowers for arrangements purchased last week. For Fancy Flowers, the…

A: The account receivables tells about the amount due to be received from customers.  The account…

Q: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing…

A: People and organizations use home loans to purchase land without following through on the whole buy…

Q: Lizzy Clar bought a home for $160,000, putting down $30,000. The rate of interest is 7% for 25…

A: Total Present Value = $160,000 Down payment = $30,000 Present Value of Loan = $130,000 Annual…

Q: A woman uses a loan program for small businesses to obtain a loan to help expand her vending machine…

A: Loan amount = $20,000Interest rate = 1.3%

Q: To pay for a  $22,300  truck, Jina made a down payment of  $4900  and took out a loan for the rest.…

A: As per the information provided : Jina to pay $22,300 for a truck. She made a down payment of $4,900…

Q: Finn loses control and skids on ice, running into a parked car and causing $3,635 damage to the…

A: A personal auto policy (PAP) is an insurance policy that provides coverage for individuals and their…

Q: Jill Diamond bought a home for $190,000 with a down payment of $65,000. The rate of interest was 7%…

A: Homes and other real properties are purchased by the business entities with the help of taking the…

Q: What is Mary's year 1 deduction

A: Deduction refers to the process of subtracting certain expenses or allowances from one's taxable…

Q: Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years…

A: Here, Particulars Values Price of a house   $ 110,000.00 Down payment (20%*$110,000)  $…

Q: The Gooseberry family purchase a $257,000 house and must sell their old home in order to make a 20…

A: A bridge loan is a short-term financing option used as interim financing until a person or company…

Q: ing a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans…

A: Given, Cost of refrigerator = $1,899 Sales tax = 7.25% Annual percentage rate (APR) = 18.9% Monthly…

Q: Jason Bradley decided to buy a home for $271,000. His bank requires a 25% down payment. His…

A: Given: Particulars Amount Cost of house $271,000 Down payment 25% Recording of the deed…

Q: everly Frost bought a home for $190,000 with a down payment of $19,000 at 7% for 25 years. Since…

A: Monthly payment = [P x R x (1+R)N]/[(1+R)N-1],   Here,  P = loan amount or principal = 190000 -…

Q: n Searcy buys a condominium for $96,200. He makes a 5% down payment, and pays these closing costs:…

A: Down payment is the amount to be paid by the buyer of the home that is cash money out of pocket of…

Q: 2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a…

A: A note receivable is an asset that signifies a written commitment to receive a certain sum of money…

Q: On March 31, year 1, Mary borrowed $240,000 to buy her principal residence. Mary paid 3 points to…

A: A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce…

Emergency Fund

The emergency fund is an amount that is kept aside to meet financial emergencies such as medical expenses and debt settlements. Emergency funds reduce the burden on people during their hardships. People save small portions of their earnings or paychecks as emergency funds to meet financial emergencies. Emergency funds should be saved or invested in such a way that they must be easily liquidated during emergencies. The main purpose of an emergency fund is its availability when required.