Warr22e_IM_TM_Ch03 - Transparency Master 3-1 MONTHLY...

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Unformatted text preview: Transparency Master 3-1 MONTHLY EXPENSES LOAN APPLICATION Assume that you are filling out a loan application. The application asks you for your total monthly committed expenses for housing, transportation, insurance, and debt repayment. After reviewing your checkbook, you compile the following list: Rent........................... $375 each month Utilities...................... 110 each monthlevel billing Car payment.............. 200 each month Car insurance........... 480 every 6 months Life insurance........... 120 paid once per year VISA........................... 20 each month (to pay off Florida vacation taken last year) What is the total amount to be included on the loan application? Transparency Master 3-2 MONTHLY EXPENSES LOAN APPLICATION Solution Rent............................................................. $375 Utilities........................................................ 110 Car payment............................................... 200 Car insurance............................................. 80 Life insurance............................................ 10 VISA............................................................ 20 Total......................................................... $795 NOTE: The car and life insurance payments must be broken into a monthly amount. If the entire 6-month car insurance and 12-month life insurance payment...
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This note was uploaded on 04/20/2010 for the course BUSINESS Accounting taught by Professor Ebiohuche during the Spring '10 term at DeVry Manhattan.

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Warr22e_IM_TM_Ch03 - Transparency Master 3-1 MONTHLY...

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