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Marcia executed a mortgage of Blackacre to secure her indebtedness to Ajax Savings and Loan Association in the amount of $125,000. Later, Marcia sold Blackacre to Morton. The deed contained the following provision: “This deed is subject to the mortgage executed by the Grantor herein to Ajax Savings and Loan Association.”
The sale price of Blackacre to Morton was $150,000. Morton paid $25,000 in cash, deducting the $125,000 mortgage debt from the purchase price. On default in the payment of the mortgage debt, Ajax brings an action against Marcia and Morton to recover a judgment for the amount of the mortgage debt and to foreclose the mortgage. Can Ajax recover from Marcia and Morton? Please explain.
You purchased an immediate annuity which pays you $3,000 each year from next year for 15 years. Assuming interest rate is 5%, how much is the equivalent present value of these payments? At the same 4% annual interest rate, the future value of $1,000 ..
A borrower is considering a 1-year adjustable rate mortgage of $250,000 that starts at 2.5%, 30 year amortization. The margin is 2.25%. The annual change caps are 2% per year. The current index is 1.25%. The life cap is 6% over the start rate. What i..
Kerron Company is presented with the following two mutually exclusive projects. The required return for both projects is 18 percent. Year Project M Project N 0 –$137,000 –$368,000 1 64,800 146,000 2 82,800 193,000 3 73,800 131,000 4 59,800 123,000 re..
the GLDR project is an attempt to create a uniform international tax close so that companies can’t show all of their income in low tax countries. an inversion is when a company changes its country of incorporation in an attempt to reduce taxes. the U..
The recapture of net working capital at the end of a project will __________
The stock of Big Joe's has a beta of 1.54 and an expected return of 12.80 percent. The risk-free rate of return is 5.3 percent. What is the expected return on the market? The Bet-r-Bilt Company has a 5-year bond outstanding with a 4.60 percent coupon..
What is the future value of $750 deposited for one year earning an 8 percent interest rate annually?
Mannings Co. has 7% coupon bonds on the market that has 10 years left to maturity. The bonds make annual coupon payments. If the YTM on these bonds is 8%, what is the current bond price?
Suppose a stock had an initial price of $57 per share, paid a dividend of $1.25 per share during the year, and had an ending share price of $73. Compute the percentage total return.
Acme Anvil expects next year to have Before Tax profits of $1,000,000. It is considering purchasing a $300,000 machine which can be depreciated using MACRS as a 5-year asset. What is the anticipated after tax profit next year for Acme Anvil?
A car is financed as follows: $2,000 as down payment plus equal monthly payments at 8% annual interest rate compounded monthly for 3 years. Original price of the car was $12,500. It is expected that maintenance costs are going to be $700 in the first..
Suppose the market for lending is risk-free and perfectly efficient. Use an arbitrage argument to show there can only be one market interest rate. What are the two components of total return for a bond? How do bond dealers make money?
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