The homestead exemption is a legal regime that protects the equity that homeowners have in their principal residences from general liens and property taxes. The protection varies by state. What is the maximum equity that a general lienholder could attach for a property valued at $200,000 and a mortgage balance of $145,397 in a state with a $25,000 homestead exemption? (Input your answer rounded to the nearest whole dollar and without the $ sign, e.g., 1000)

The homestead exemption is a legal regime that protects the equity that homeowners have in their principal residences from general liens and property taxes. The protection varies by state. What is the maximum equity that a general lienholder could attach for a property valued at $200,000 and a mortgage balance of $145,397 in a state with a $25,000 homestead exemption? (Input your answer rounded to the nearest whole dollar and without the $ sign, e.g., 1000)

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter13: Capital, Interest, Entrepreneurship, And Corporate Finance

Section: Chapter Questions

Problem 6QFR

See similar textbooks

Similar questions

Assume I won 8 million dollars in a lottery. I could take my winnings in installments of 2 million dollars a year for four years or a lump sum of fewer than 8 million dollars. If I take the installments, my first installment would come the day I claimed my winnings at the state lottery office. Assume that the interest rate is 7% per year and that there are no taxes on the winnings. 1. Calculate what the lump sum should be so that it would exactly equal the present value of the stream of the future stream of installments from the lottery. You must show and explain the work. 2. What would your answer change be if the first installment in the question above did not come until one year after I claimed my winnings. You must show and explain your work.
The net distributable estate of Mrs. Sim, who died intestate, is 5,000,000. The surviving relatives are the surviving spouse and her five (5) legitimate children. How much would be the inheritance of each child?
Gina has an opportunity to save $260 per month at an APR of 6.35% in a 401K plan through work. She plans to retire in 25 years. The income taxes are at 35% for her. (1) What are Gina's tax savings over the course of her investment? Review your course materials for help with this calculation. (Express your answer rounded correctly to the nearest cent!) 2$ Ikyou haven't answered the question correctly in 3 attempts, you can get a hint. Hint:
A firm borrows $2000 for 6 yr at 8%, to be repaid in a lump sum at the end of 6 yr. At the end of 6 year, the firm renews the loan for the amount due plus $3000 more for 2 yr at 8%. What is the most nearly the amount of the loan renewal? 7021 6376 7201 6673
Jane quit her job at IBM where she earned $50,000 a year. She cashed in $50,000 in corporate bonds that earned 10% interest annually to buy a mini-bus. Jane has decided to buy the mini-bus and set up a commuter service between Lincoln and Omaha. There are 1000 people who will pay $400 a year each for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation, etc. What are Jane's total revenue? A. $600,000 B. $250,000 C. $400,000 D. $480
Find the present and future values of an income stream of 11000 dollars a year for 17 years. The interest rate is 9% compounded continuously. Round your answers to 2 decimal places. Part 1 The present value represents the amount of money you would have to deposit today in order to match what you would get from the income stream at the future date. The formula is Present Value = M S(t)e" dt. Future value represents the total amount of money you would have if you deposit the income stream until a future date. The formula is Future Value - Present Value* erM To start our problem we need to identify the variables. Time = M = i years Rate = r = i % Income Stream S(t) = i dollars/year
You put 280,000 dollars in a bank which gives you 0.75% interest compounded daily. If you leave that amount in the bank for an entire year, how much interest you will earn at the end of the year with a withholding tax of 20% choices: 1,680 pesos2,100 pesos2,000 pesosNone of the above
Calculate the present value of an asset that pays $225 at the end of each year for 6 years and has a face value payment of $500
13. Darren claims an eatery and needs to decide his normal income over a long- term period. After all expenses were paid, his yearly pay was as per the following: Year Amount = $7,150 1970 1971 7,335 1972 6,520 %3D 1973 6,600 1974 6,600 1975 7,025 1976 7,810 Total for 7 years = $49,040. Find his average yearly income.
Ms. Zellner purchases an income producing property for $900,000 and finances 70% of the total. At an annual interest rate of 6.20%, 15 year amortization, what is her monthly debt service? O a. $5,384.61 O b. $5,619.14 OC. $5,726.49 Od. $7,692.30 Moving to the next question prevents changes to this answer.
11) Devin purchased a $3500 bond paying 4.5% annual simple interest after graduating from college. It is now 35 years later and he decides to cash in the bond. What is the value of this bond now? Round your answer to the nearest dollar. A) $16,336 B) $3537 C) $9013 D) $5513 E) $8632
42 years ago the maximum earnings of a worker subject to Social Security tax (SST) was $11,000. The maximum earnings subject to SST now is $117,200. What compound annual increase has been experienced over this 42-year period of time? How does it compare with a 3% annual increase in the consumer price index over the same period of time? The compound annual increase in SST over 42 years is %. (Round to two decimal places.) The increase in SST over 42 years is the 3% annual increase in the consumer price index.