Amanda purchased a home for $860,000 in 2016. She paid $172,000 cash and borrowed the remaining $688,000. This is Amanda's only residence. Assume that in year 2021 when the home had appreciated to $1,290,000 and the remaining mortgage was $516,000, interest rates declined and Amanda refinanced her home. She borrowed $860,000 at the time of the refinancing, paid off the first mortgage, and used the remainder for purposes unrelated to the home. What is her total amount of her amount of acquisition indebtedness for purposes of determining the deduction for home mortgage interest? (Assume not married filing separately.) Multiple Choice ___ $516,000. ___ $645,000. ___ $860,000. ___ $946,000.

Larry borrowed $1,000 through a loan shark, two years later he ended uppaying $1,500 to settle his debt. What was the interest rate on his loan?

Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $5,700 and the value of her long-term liabilities is $89,000. What is the total value of her debts?

Jasmine purchased a home in San Francisco near her best friend Sallie. The purchase price of the home was $ 2,000,000. However, Jasmine only financed 80% of the home value as she was able to secure the $400,000 down payment to help lower her monthly payments. What is her monthly payment if she financed at today's rate of 7.55% for a 15-year mortgage?

A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to​ 70% of their equity. They puchased their home 9 years ago for ​$64,386. The home was financed by paying 10​% down and signing a 30​-year mortgage at 9.6​% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30​-year period. The net market value of the house is now​ $100,000. After making their 108th ​payment, they applied to the loan company for the maximum loan. How much​ (to the nearest​ dollar) will they​ receive? Amount of​ loan: ​$ ​(Round to the nearest​ dollar.)

Steve Drake sells a rental house on January 1, 2019, and receives $100,000 cash and a note for $50,000 at 7 percent interest. The purchaser also assumes the mortgage on the property of $25,000. Steve's original cost for the house was $170,000 on January 1, 2011 and accumulated depreciation was $27,000 on the date of sale. He collects only the $100,000 down payment in the year of sale.   c. Assuming Steve collects $5,000 (not including interest) of the note principal in the year following the year of sale, calculate the amount of income recognized in that year under the installment sale method

Hello, I need help solving this accounting problem.

During the current​ year, Finn and Claire​, a married couple who use the cash method of​ accounting purchased a principal residence for $325,000. They paid $39,000 down and financed the remaining $286,000 of the purchase price with a​ 30-year mortgage. At the​ closing, they also paid $350 for an​ appraisal, $425 for a title​ search, and 2.5 points representing additional interest over the term of the loan. At the end of the​ year, Finn and Claire received a statement from the mortgage company indicating that $11,500 of their total monthly payments made during the year represents interest and $1,100 is a reduction of the principal What is the total amount Finn and Claire may deduct in the current year arising from the purchase and ownership of their​ home?   Finn and Claire may deduct   . Part 2 b. What is the treatment of the other items that are not​ deductible?     A. The other closing costs are added to the market value of the home.   B. The other closing…

a mother earned $15000.00 from royalties on her cookbook. She set aside 20% of this for a down payment for a new home. The balance will be used for her son's future education. She invested a portion of the money in a bank certificate of a deposit (cd account) that earns 4% and the remainder in a savings bond that earns 7%. IF the total interest earned after one year is $720.00, how much money was invested at each rate?

A mother earned $18750.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The balance will be used for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) that earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $900.00, how much money was invested at each rate? How much money was invested in the CD account? (Round to the nearest cent.) GILB