Timothy Gartner, an employee in the Bank of Trust and Faith, has requested for a loan of$200,000 to buy a private cruise. The bank has an unimpaired capital and surplus of $38million and $75 million in total time and savings deposits. Average revenue for the bank in thelast three years is $18.5 million and a net interest income of $5.2 million. What is themaximum amount of loan the bank can grant to Timothy?A. $950,000B. $200,000C. $25,000D. $100,000

Banks follow a policy to give a personal loan from $10000 to $100000. However, it depends on the…

Answered: Timothy Gartner, an employee in the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Mr. Smith is 35 years old. He has the following 2 goals: First goal: To retire when he is 60 years old. He expects to live up to 80 years old. He projects his annual retirement spending to be $200,000 in today's value. He will withdraw the annual spending at the beginning of each year when he retires. Second goal: To leave an amount of $5,000,000 to his son when he passes away when he is 80 years old. He has set up an investment account for the above2 goals a few years ago. Currently, there is $400,000 in that investment account. The rates of return for the investment account are expected to be 4% p.a. before he retires and 3% p.a. after his retires. If inflation rate is expected to be 2% p.a., how much should he save at the end of each year from now until he retires to achieve his goals?
In 2010, the U.S. Congress passed the Affordable Care Act. This law requires most Americans to purchase health insurance for themselves and members of their family. The Juarez family has a health insurance plan that will reimburse them for 70% of their health care expenses after they pay a $5,200 deductible. Last year, the Juarez family had medical expenses that totaled $16,384. What is the amount paid by the Juarez family’s insurance company?Answer: Work/Explain: Please write clearly so i can read it
Sarah's comprehensive major medical health insurance plan at work has a deductible of $750. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $8,893. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,000. The policy with the stop-loss feature has the same deductible and coinsurance requirement as Sarah's current policy. Determine which policy would have cost Sarah less and by how much. (Round your intermediate calculations and final answer to 2 decimal places.) Current policy Stop-loss feature No difference in Sarah's cost for this claim. Difference amount
Your credit card has a balance of $4200 and an annual interest rate of 13%. You decide to pay off the balance over four years. If there are no further purchases charged to the card, you must pay $112.70 each month, and you will pay a total interest of $1209.60. Assume you decide to pay off the balance over one year rather than four. How much more must you pay each month and how much less will you pay in total interest? A. You will pay $__ more each month. B. You will pay $__ less each month.
While shopping for a car loan, you get the following offers: Solid Savings & Loan is willing to loan you $10,000 at 4% interest for 4 years. Fifth Federal Bank & Trust will loan you the $10,000 at 5% interest for 3 years. Both require monthly payments. You can afford to pay $250 per month. Which loan, if either, can you take?
You are currently making $70,000 a year after taxes and are interested in maintaining your current income. If you are expecting $2,500 a month from Social Security, how much will you need to withdraw from you retirement accounts monthly?

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