A couple wants to purchase a home for $286,000 with an 80% conventional loan for 15 years at 4% annual interest. The annual insurance premium will be 2% of the value of the home, and the ad valorem taxes are $7,161. The loan will require a monthly principal and interest payment of $4.77 for each $1,000 of the loan amount, and the lender will use 28/36 qualifying ratios. The property appraises for $286,000 and the couple has no other debts. How much verifiable gross monthly income will the couple need

Answers

Answer 1

Answer:

$7,731.43

Explanation:

Calculation to determine How much verifiable gross monthly income will the couple need

Gross monthly income=( $286,000 × 0.8) ÷$1,000*$4.77

Gross monthly income=$228,800 ÷ $1,000 × $4.77

Gross monthly income = $1,091.38;

Gross monthly income=$7,161+($286,000 × 0.02)/12

Gross monthly income=$7,161 + $5,720 ÷ 12 = $1,073.42;

Gross monthly income= $1,091.38 + $1,073.42

Gross monthly income= $2,164.80;

Gross monthly income=$2,164.80 ÷ 0.28

Gross monthly income= $7,731.43


Related Questions

Helen is considering adding a rack of greeting cards to her product offerings at Litton Books Unlimited. Her fixed costs associated with adding the greeting cards would be $300. Variable costs per card are $1 each. The greeting cards will sell for $2 each. Helen's break-even point would occur at __________ cards sold. Multiple Choice 125 150 300 600

Answers

Answer:

300

Explanation:

Breakeven quantity are the number of  units produced and sold at which net income is zero

Breakeven quantity = fixed cost / price – variable cost per unit

Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments

If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.  

Hourly wage costs and payments for production inputs are variable costs

Variable costs are costs that vary with production

If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.

$300 / ($2 - $1) = 300

If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats.

Answers

Answer:

greater; higher than

Explanation:

Here is the complete question

If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats

.a. greater; higher than

b. less; higher than

c. greater; lower than

d. less; the same as

Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied

If the demand for aisle seats exceeds the demand for middle seats, it means that equilibrium price for aisle seat would exceed equilibrium price

In LPC theory, which factor reflects the extent to which the leader can assign work, reward and punish employees, and recommend them for promotion

Answers

Question options:

a. Task structure

b. Leader-member relations

c. Leader position power

d. Leader personality

e. Organizational structure

Answer:

c. Leader position power

Explanation:

The LPC(least preferred coworker scale) measures the extent to which a person is a relationship oriented leader or a task oriented leader.

A person with a high LPC is a leadership oriented leader while a person with low LPC is a task oriented leader. Therefore a leader with low LPC tends to be the type to severly assign,punish and reward employees based on performance alone.

Assume that all commercial banks are loaned up. Total deposits in the banking system are $800 million. The required reserve ratio is decreased. The money supply will decrease. increase. not change because there was no change in deposits. not change because the required reserve ratio has no impact on money supply.

Answers

Answer:

increase

Explanation:

Reserve ratio is the percentage of deposits that is required of commercial banks to keep as reserves. The lower the ratio, the higher the increase in money supply

For example, assume reserve ratio is initially 10% of deposits. It is later reduced to  5%. 1000 is deposited

Increase in money supply = deposit / reserve ratio

1000 / 0.1 = 10,000

1000 / 0.05  = 20,000

Money supply increased when reserve ratio was decreased

Promotion is one of the 4P‘s of marketing. The promotion mix is ___??

Answers

Answer: Promotion mix could be defined as several methods or tools used to improve the market situation of a product, so the product could have more presence and demand in the market.

Explanation:

Promotion mix could be defined as several methods or tools used to improve the market situation of a product, so the product could have more presence and demand in the market. Some of what makes it up are public relations, advertising, personal sales.

If a buyer's willingness to pay for a new Honda is $30,000 and she is able to actually buy it for $28,000, her consumer surplus is

Answers

Answer:

$2,000

Explanation:

Calculation to determine the consumer surplus

Consumer surplus=$30,000-$28,000

Consumer surplus=$2,000

Therefore consumer surplus is $2,000

Based on the substitution effect, which example reflects how people would likely respond to a rise in gas prices

Answers

Answer:

People will purchase more fuel efficient cars

Explanation:

People will purchase more fuel efficient cars in order to reduce the consumption of gas.

Better still, this will also leads to increase in the quantity demanded for electric cars; as they did not require gas to operate.

Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. The price reduction is an example of a:

Answers

Answer:

Sales allowance.

Explanation:

From the question we are informed about Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. In this case, The price reduction is an example of a Sales allowance.

Sales allowance can be regarded as a reduction in the price that was charged by a seller, this reduction usually occur due to a problem with the product or service that is been sold. The problem could be incorrect price as well as quality problem or short shipment.

Swifty Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value basis in valuing inventories. Product Cost Net realizable value A $112000 $122000 B 84000 76000 C 153000 156000 If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $354,000. $362,000. $341,000. $349,000.

Answers

Answer:

$341,000

Explanation:

Calculation to determine what the value of the inventory reported on the balance sheet would be

Inventory value=$112000+ 76000+153000

Inventory value=$341,000

Therefore If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $341,000

Setting personal goals, peer evaluations, and parental involvement are all components of what type of instructions?

A.
concrete

B.
essential

C.
manipulative

D.
individualized

Answers

Concrete instructions is the term for setting personal goals, peer evaluations, and parental involvement.

What is concrete instructions?

This is type of instruction that is usually tailored by the teacher to meet the personal goals of the student.

In this type of instruction, the family of the student is usually involved and the peers of the students are all parts of the evaluation process.

Read more on concrete instructions here:https://brainly.com/question/14591988

Answer:

concrete

Explanation:

A company is planning to conduct an IPO and has decided to list its stock on Nasdaq. If the company currently has nine directors on its board, but only four of them are independent, the company must appoint a minimum of:

Answers

Answer: D. Two new independent directors

Explanation:

Nasdaq rules require that companies listing should have more independent directors on a board than dependent ones as it is believed that they would be able to better protect the interests of shareholders.

In order to fulfill this requirement therefore, the company would have to appoint two new independent directors which would increase the number of directors to 11 and the number of independents to 6 thereby giving them a majority.

Over the last several years, the United States has run a ________ in the goods trade balance and a ________ in the services trade balance.

Answers

Answer:

deficit

surplus

Explanation:

When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.

export would comprise of goods and services produced in the US that are been sold to foreign countries

Import would comprise of foreign produced goods and services that are been sold in the US

In 2020, trade deficit was $678.7 billion in 2020

what are the types of budget​

Answers

Answer:

Master budget: This is a type of budget where all the other budgets are aggregated.

Operating budget: This budget is used to cover operational costs.

Cash budget: As the name implies, it is used mainly for cash estimates.

Financial budget: Used for all financial transactions.

Labor budget: It is used to estimate what the labor cost will be.

Static budget: This type of budget is static and doesn't change.

in a ____, a strategic manager can condense the strenght, weakness, opportunities, and threats into fewer than 10 strategic factors to review and revise the weight given in each factor.

Answers

Answer:

Strategic Factors Analysis Summary (SFAS) Matrix

Explanation:

The balance in the office supplies account on January 1 was $7,900, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,500. The amount to be used for the appropriate adjusting entry is

Answers

Answer:

8400

Explanation:

The office supplies on Jan 1 was $7900

Supplies purchased during January was $3000

The supplies at hand in January Is $2500

$7900+$3000

= $10,900

= 10,900-2500

= 8,400

Hence the appropriate adjusting entry is $8400

A decline in the number of _______ jobs has helped create conditions leading to an increase in the number of high-poverty communities during the past few decades.

Answers

Answer:

manufacturing

Explanation:

An unmarried couple wants to buy a house and take title so that when one of them dies the deceased's share will go to the deceased's heirs. The form of ownership they should use when they purchase the house is

Answers

Answer:

tenancy in common

Explanation:

From the question we are given an instance, whereby An unmarried couple wants to buy a house and take title so that when one of them dies the deceased's share will go to the deceased's heirs. The form of ownership they should use when they purchase the house is tenancy in common.

Tenancy in common can be regarded as an arrangement involving two or more people sharing ownership rights as regards a property or parcel of land. This property could be be a

residential property or commercial property . In a case, whereby a tenant in common dies, there would be passing over of the property to that tenant's estate. The control of total property by independent owner may be equal or different percentage of the total property. the tenancy in common partner can decide to leave the share he or she has in the property to any beneficiary as a part of their estate.

When cost systems were developed in the 1800's, most companies ______. Multiple select question. produced a small number of similar products focused on simplicity assigned overhead based on machine hours believed there was little correlation between labor hours and overhead

Answers

Answer:

believed there was little correlation between labor hours and overhead

Explanation:

When cost systems were developed in the 1800's, most companies used a blanket overhead or a plant wide rate to allocate the overheads. They  believed there was little correlation between labor hours and overhead.

Rudy Company reports gross sales revenue of $5.2 million, net sales revenue of $5 million, and cost of goods sold of $3 million. Rounding to the nearest percent, the company's gross profit ratio would be

Answers

Answer:

40 %

Explanation:

Gross Profit ratio = Gross Profit / Net Sales x 100

where,

Gross Profit = Net Sales - Cost of Sales

                     = $2 million

thus,

Gross Profit ratio = $2 million/ $5 million x 100

                              = 40 %

The company's gross profit ratio would be 40 %

Dana believes that a new phone to be sold by Ear Fruit Inc. will become the most popular phone in the global market. Dana enters into a contract to buy 500 shares of Ear Fruit stock, anticipating an increase in its value. The phone does not become popular, and the price of the stock does not rise. Dana can recover Group of answer choices

Answers

Answer:

rf

Explanation:

rcddr6dutft7dfr6d6rdr6xkrxitxurxyrrrxutccfxy

Emily is a cash-basis taxpayer, and she was an especially productive salesperson last year. In December of last year her supervisor told Emily she had earned a $5,000 bonus. However, Emily received the bonus check after year-end. Identify the principle that will determine when Emily is taxed on the bonus. Multiple Choice Assignment of income Constructive receipt Return of capital principle Wherewithal to pay All of these choices are correct.

Answers

Answer:

Constructive Receipt

Explanation:

the term constructive receipt is used when talking in terms of federal income taxes. This term is used to determine when a cash basis tax payer has gotten their gross income in the cash basis method of accounting. the individual here would be needed to pay tax on income even though that the money that  the money being taxed is has not been gotten yet by the individual. this income owner would be able to utilize the money although it has not yet been received.

Which component of an enterprise resource planning (ERP) system provides business-to-consumer (B2C) information related to order status and business-to-business (B2B) information related to suppliers and business partners

Answers

Answer:

E-commerce

Explanation:

Enterprise resource planning can be regarded as one that encompass

technologies as well as systems that is used by companies in managing and integrating their core business.

Electronic commerce known as

can be regarded as E-commerce and can be explained as buying as well as selling of goods/services, it can as well be defined as transmitting of funds as well as data through electronic network, these could be the internet. These business transactions can appear as business-to-business (B2B), it can also be seen as business-to-consumer (B2C), it also be in form of

consumer-to-consumer as well as consumer-to-business.

It should be noted that E-commerce

component of an enterprise resource planning (ERP) system provides business-to-consumer (B2C) information related to order status and business-to-business (B2B) information related to suppliers and business partners

Juniper Company, Inc. uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. The correct journal entry to record the merchandise return on August 11 is:

Answers

Answer and Explanation:

The journal entry is shown below:

Accounts payable $1,500  

          To Merchandise Inventory  $1,500

(being purchase returns is recorded)  

here account payable is debited as it decreased the liabilities and credited the merchandise inventory as it decreased the assets

Randa is trying to lower the vacancy rates for the commercial property she manages because her revenue targets will increase by 8% over the next year. What type of budget contains this revenue detail?

Answers

Answer:

Operating budget

Explanation:

An operating budget is a detailed projection where the company expected its revenue and expenses for a period of time. It is to be prepared at the closing of the year to represent the expected level of the activity during the following year

So as per the given situation, it is the operating budget that contains the revenue details

Some sellers put specific limitations in the warranty to limit the effectiveness of a warranty. Such a denial or repudiation in an express warranty is known as:

Answers

Answer:

Disclaimer

Explanation:

Express warranties could be simply be described as the agreement which binds a seller and buyer during the purchase of a certain product. Express warranties usually gives buyers the opportunity to return the product to the seller if damaged within a specified period of tine. Express warranty usually has no borders. Tbe use of disclaimer is used by sellers in other to introduce clauses into an express warranty whereby certain terms and conditions are given before the warranty can be deemed as valid. These limitations inteoduced and are capable of voiding the express warranty is called a disclaimer.

1. Compare and contrast brokers and agents with merchant wholesalers. 2. Discuss the major public relations tools and the roles played by the internet and social media. 3. Find three examples of advertisements that incorporate socially responsible marketing in their messages. Some companies are criticized for exploring social issues or organizations by promoting them for their own gain. Do the examples you found do that

Answers

Answer:

One is owner and the other provides services.

Explanation:

The main difference between brokers and merchant wholesalers is that Merchant wholesalers buy products from manufacturers and sell to other shopkeepers while on the other hand, Agents and brokers are the people who provide buying and selling services. between sellers and buyers as they receive commissions according to their sales and don't buy products directly from manufacturer. Interaction between people, communication and education are the major roles played by the internet and social media.

what statement best illustrates an example of economic specialist

Answers

The statement that best illustrates an example of economic specialization is "A business focuses on producing screens for phones instead of manufacturing the entire phone.
The statement that best illustrates an example of economic specialization is "A business focuses on producing screens for phones instead of manufacturing the entire phone."

Pam hires Will to acquire and deliver a shipment of doodlebugs within two weeks, with time being of the essence. Will receives the shipment of doodlebugs, but Tony offers Will more money for the doodlebugs than Pam offered. Will does not expect to receive any more doodlebugs before his delivery date for Pam. Will decides to deliver the doodlebugs to Tony and collect the larger payment. Will's choice is an example of...

Answers

Answer:

a violation of the duty to perform in good faith.

Explanation:

Since in the situation it is mentioned that pam hired will for purchasing and delivering the shipment within 2 weeks but at the same time tony offered more money so he decided to delivered to tony and in return he collect the larger payment amount so here will have done the violation with respect to the duty in order to perform in the good faith

Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?

Answers

Answer:

pat should drive if saving half an hour is worth $0.50 or more

Explanation:

Marginal cost is the additional cost generated by producing an additional unit of output.

Marginal cost of taking the bus = 1 / 2 = 0.50

Marginal utility is the additional utility derived from consuming one more unit of a good

Marginal utility per good = marginal utility / price of the good

Pat should take the action that would yield him the highest utility given the marginal cost

So,pat should drive if saving half an hour is worth $0.50 or more

The three types of buying situations Question 18 options: are theoretical and have little relation to what happens in the real world. suggest that B2B sellers should develop one marketing mix to use for all situations. require business sellers to be consistent in their marketing mixes. create confusion among B2B sellers. call for different marketing and selling strategies.

Answers

Answer:

call for different marketing and selling strategies.

Explanation:

Remember, the three types of buying situations are;

new buys,modified rebuys, andstraight buys.

For example, in the new buy situation, a single organization is the first to buy a particular product or service, Hence, we would expect the provision of more product and service descriptions than in a straight rebuy situation where the organization is already familiar with the products and just simply reorders an existing product or service from preferred suppliers.

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