Question: 20 (SUMMER-VAN 09) / Week 11: Course Win un / FinalExam k to Week 11: Course Wrap-up' Section 2 Question 11 Alan bought two-bedrooms condo

20 (SUMMER-VAN 09) / Week 11: Course Win un / FinalExam

20 (SUMMER-VAN 09) / Week 11: Course Win un / FinalExam k to Week 11: Course Wrap-up' Section 2 Question 11 Alan bought two-bedrooms condo on 1 Jan 2019. To buy his condo, he used his savings to pay for the down payment 14 218 ed purchase amount, and he received a mortgage for the remaining amount from his bank The following details are available: Purchase price: 680,000 CAD Mortgage interest rate: 2.70% compounded semi-annually (Contract: 25-year mortgage amortization with fixed rate fox 5 years with same monthly mortgage payment) Alan is planning to sell his condo on 1 Jan 2021, and Alan had made only monthly payments. 1. What is the total mortgage payment Alan would have made from 1 Jan 2019 to 1 Jan 20217 2. What would be the mortgage balance Alan owes to his bank as of 1 Jan 2021? 3. Alan can sell his condo on 1 Jan 2021 for 750,000 CAD, and his bank will charge him mortgage penalty of 25,000 CAD, and he will need closing cost of 20,000 CAD to sell his condo. How much will Alan make or lose from his condo sale? 7 A Y B I 6:09 PM AGODENG 2020-10 m O hp

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Hi, This subject is financial accounting, here is a short essay type question, approximately 5 paragraphs. ''Drawing on private interest theory, what powers do you believe the Australian Accounting...

You have been hired as a consultant to help Ford Motor Company return to its glory days, when either Henry Ford or Alan Mulally ran the company. In doing so, you must produce a short report to Jim...

I am so lost with all of this and the worst part it is due in an hour and a half. I don't know what to do please help. In this course you will have the opportunity to apply the concepts learned to a...

i want complete solution for my assignment and it should be without plagiarism COIT20274: Information Systems for Business Professionals, Term One 2016 Assignments 1 & 2 Requirements Assignment 1 -...

U WOULD TAkE BACK IF 'K>U COULDl A construction worker from the East: '''ielling this woman, nice girl, I loved her just to get what I wanted." A woman from the South who lives with her lover: "I...

Week 5 Homework 40 pts-Stacy True Student: Stacy True Date: 4/1/16 1. 4/1/16, 6:09 PM Instructor: JosephJoe D'Mello Course: Statistics for Decision Making (35) Assignment: Week 5 Homework 40 pts Find...

please help solve transcactions 32-39 the area with the yellow highlighted with no numbers is for jun 30 starting eith income tax expense is what i need help with Note: You can only enter det into...

___1. Which of the following is an example of a direct cost on an IT project a. Salary of the project manager and subcontractor expenses b. Property taxes paid by the company c. Salary cost of...

3) Predict the products of the following reactions. (a) NI (b) d)

Claudine Gagotta was the assistant manager of Toggles Company Limited when it purchased life insurance on her life. Several years later Claudine left the employ of Toggles and started a competing...

A situation that requires an adjusting entry that is not a prepayment or an accrual entry isMultiple choice question.

This case will enable you to practice conducting planning and substantive analytical procedures for accounts in the acquisition and payment cycle. When analyzing the financial data, you may assume...

Daniel is the owner of a chain of shoe stores. He hires Rubya to be the manager of a new store, which is to open in Grand Rapids, Michigan. Daniel, by written contract, agrees to pay Rubya a monthly...

Journalize the following transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19....

College Memories, Inc. publishes college yearbooks. A monthly flexible overhead budget for the firm follows. The planned monthly production is 6,400 yearbooks. The standard direct-labor allowance is...

On November 1, 2013, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable. Required: 1. Compute the following items assuming (a) an interest-bearing note at 12%, (b) a...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

How can a CEO use power effectively when there are so many competing priorities on their plate at the same time?

Class discussion (whether in groups or as a class) should focus on the following questions: What kinds of social influence attempts did you make during this exercise? How successful were you at...

What is leadership, and what does it mean for a leader to be effective?