Ndidi has applied for a microfinance loan from a non-profit organization that serves people who do not usually have access to capital. With the loan of $5,377, she can purchase a sewing machine and supplies to employ another woman and upgrade her business of making diapers and other baby items. She makes an agreement with the microfinance organization to pay back the loan making monthly payments of $100 at an interest rate of 3.5% compounded quarterly. Show the values for the 1st row of the amortization schedule by showing the values for a-e and the last row of the amortization schedule by showing the values for f-j. Payment Amount Paid Interest Paid Principal Outstanding Number Repaid Principal Balance $5,377 (a) (b) (c) (d) (e) ... ... (f) (g) (h) (i) (j)

Ndidi has applied for a microfinance loan from a non-profit organization that serves people who do not usually have access to capital. With the loan of $5,377, she can purchase a sewing machine and supplies to employ another woman and upgrade her business of making diapers and other baby items. She makes an agreement with the microfinance organization to pay back the loan making monthly payments of $100 at an interest rate of 3.5% compounded quarterly. Show the values for the 1st row of the amortization schedule by showing the values for a-e and the last row of the amortization schedule by showing the values for f-j. Payment Amount Paid Interest Paid Principal Outstanding Number Repaid Principal Balance $5,377 (a) (b) (c) (d) (e) ... ... (f) (g) (h) (i) (j)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 38P

See similar textbooks

Similar questions

Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $970 per month. Her employer deducts $221 for taxes from her monthly pay. Kim also pays $98 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $109 per month. Help Kim make her decision by calculating her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Debt Payments-to-Income Ratio Ratio with college loan Ratio without college loan
teaching. He talks to her about several annuities that she could buy that would guarantee her an annual fixed income. The annuities are as follows in the popup window mechanical engineering student, receives a call from an insurance agent, who believes that Nicki is an older woman ready to retir If Nicki could eam 11 percent on her money by placing it in a savings account, should she place it instead in any of the annuities? Which ones, if any? Why? a. What rate of return could Nicki eam on her money if she place it in annuity A with $8,500 payment per year and 16 years duration? % (Round to two decimal places.) Data table (Click on the following icon in order copy its contents into a spreadsheet.) ANNUITY A B C INITIAL PAYMENT INTO ANNUITY (AT 1 = 0) $60,000 $60,000 $40,000 Done GILD AMOUNT OF MONEY RECEIVE PE YEAR $8.500 $9,000 $6,000 DURATION OF ANNUITY (YEARS) 16 12 15
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 e. Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income). Child and dependent care credit
The Goucher Family Medical Clinic donates a portion of its earnings each year to support human trafficking victims. They have been depositing their money into a money market account that eanrs 8% per year; the amount of thier donations at the end of each year is shown in the table below. At the end of year 3, they plan to donate all of the money in the account to a philantropic organization. What will be the amount their donation. Year 1 Amount: $7,700 Year 2 Amount : $12,600 Year 3 Amount: $5,600
The Goucher Family Medical Clinic donates a portion of its earnings each year to support human trafficking victims. They have been depositing their money into a money market account that eanrs 8% per year; the amount of thier donations at the end of each year is shown in the table below. At the end of year 3, they plan to donate all of the money in the account to a philantropic organization. What will be the amount their donation. Year 1 Amount: $7,700 Year 2 Amount : $12,600 Year 3 Amount: $5,600 Please show work or excel formuals used to solve problem.
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company.What amount of child and dependent care credit can Julie claim if she paid $2,020 to the day care center and her AGI is $50,000 (all salary)? Child and dependent care credit = ?
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 c. Julie paid $5,300 to the day care center and her AGI is $126,200 (all salary). Child nd dependent care credit
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit
Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross income of $1,140 per month. Her employer deducts a total of $260 for taxes from her monthly pay. Madeline also pays $160 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $260 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Debt Payments-to-Income Ratio With college loan % Without college loan %. Pls show steps complete.
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? a. Julie paid $2,000 to the day care center and her AGI is $50,000 (all salary). b. Julie paid $10,000 to the day care center and her AGI is $50,000 (all salary). c. Julie paid $4,000 to the day care center and her AGI is $127,000 (all salary). d. Julie paid $2,000 to the day care center and her AGI is $402,000 (all salary). e. Julie paid $4,000 to the day care center and her AGI is $14,000 ($2,000 salary and $12,000 unearned income).
PLEASE TYPE IT AND NOT HANDWRITTEN Mrs. Florentina Manayam wants to borrow P92,500 to buy a hand tractor that will be used on her farm. A local bank approved her loan payable in 3 years and 9 months. If the local bank charges 9.5% interest in advance, what is the amount of loan that Mrs. Manayam must apply for?
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie claim in 2022 in each of the following alternative scenarios? Use Exhibit 8-10 Required: Julie paid $10,000 to the day care center, and her AGI is $50,000 (all salary).