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You just took out a variable-rate mortgage on your new home. The mortgage value is $100,000, the term is 30 years, and initially the interest rate is 8%. The interest rate is fixed for five years, after which time the rate will be adjusted according to prevailing rates. The new rate can be applied to your loan either by changing the payment amount or by changing the length of the mortgage.
a Assuming annual payments, what is the original annual mortgage payment?
b Prepare an amortization schedule for the first five years. What will be the mortgage balance after five years?
c If the interest rate on the mortgage changes to 9% after five years, what will be the new annual payment that keeps the termination time the same?
d Under the interest change in part (c), what will be the new term if the payments remain the same?
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The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
Verify the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30.
Q. Explain about Sales discounts? Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit
security deposit received from tenant
Explain Discounts allowed.
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