Question: Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years

Mr. Kofi Briggs has maintained a satisfactory account with your branch for a

period of 5 years. He is a mechanical engineer of 40 years old who runs a professional

office engaged in considering and contacting work for the Tema development

corporation, Tema, as well as for the private sector.

Today Mr. Briggs calls to discuss with you his housing mortgage loan matter under

your banks mortgage loan scheme for private house ownership. For the discussion he

had produced a contractor's estimate of the cost of a private house he plans to build.

The cost of the house was estimated at GH30million. He says he has been allocated a

plot of land at Tema and he has been given all the necessary documents. He is

applying for a mortgage loan of GH20million repayable within a period of 10 years.

He has in his house ownership savings account a total of GH16million, more than

the minimum savings required of beneficiaries under the scheme.

You are prepared to help him. Your bank takes a legal mortgage of the property

concerned.

Required: What are the documents you will require from Mr. Briggs and how will you

perfect your banks security.

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!

Q:

Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering and...

Q:

This module discusses discounts given out to customers based on payment terms, such as 2/10, n/30. After reading this module about discounts, answer the following questions: What would the credit...

Q:

Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering and...

Q:

a) Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering...

Q:

Question 1 a) Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in...

Q:

ONE (25 MARKS) a) Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in...

Q:

Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering and...

Q:

a) Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering...

Q:

Mr. Kofi Briggs has maintained a satisfactory account with your branch for a period of 5 years. He is a mechanical engineer of 40 years old who runs a professional office engaged in considering and...

Q:

a) Mr. Appoh has operated a satisfactory account with your branch for a period of 6 years. He is a 40-year old mechanical engineer who runs a professional office engaged in considering and contacting...

Q:

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $72,400 and $3,200, respectively. During Year 2, Kincaid reported $197,000 of...

Q:

Predict the major products of treating the following compounds with hot, concentrated potassium permanganate, followed by acidification with dilute HCl. (a) isopropylbenzene (b) p-xylene (c) tetralin)

Q:

8 Balding Inc. is the official producer of basketballs used in NBA tournaments. The Dallas Mavericks have placed a large order for Baldings Fusion basketballs of 29.5-inch diameter, which feature...

Q:

Genuine Spice Inc. began operations on January 1, 2014. The company produces a hand and body lotion in an eight-ounce bottle called Eternal Beauty. The lotion is sold whole-sale in 12-bottle cases...

Q:

Lamson Sauces produces a hot sauce using tomatoes and chili peppers. Lamson developed the following standard cost sheet: On March 2, Lamson produced a batch of 32,000 ounces with the following actual...

Q:

Missing information in a schedule of cost of goods manufactured Required Supply the missing information on the following schedule of cost of goods manufactured. DEWBERRY CORPORATION Schedule of Cost...

Q:

Vino Veritas Company, a U.S.-based importer of wines and spirits, placed an order with a French supplier for 1,000 cases of wine at a price of 200 euros per case. The total purchase price is 200,000...

Q:

Printmaster Distributors Company sells laser printers and replacement toner cartridges. Printmaster sells two models black and color laser printers. The black printers and black toner cartridges are...

Q:

Determine if the overhead allocated to the product relates to a single plantwide overhead rate method, multiple production department factory overhead rate method, or activity-based costing...

Q:

Needs Journal Review Maslows Hierarchy of Needs and create a chart for yourself with a row for each of the five needs. Think about the activities you do each week and what motivates you to satisfy...

Q:

List three benefits of using a to-do list.

Q:

What is the difference between committed time and discretionary time?