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need help solving this question 1 a) Bobbi is planning her budget for the next three months. She expects her income to be $2,500 in
need help solving this question
1 a) Bobbi is planning her budget for the next three months. She expects her income to be $2,500 in April, $3,000 in May and $2,700 in June. Bobbi expects her outgoings each month to be $2,350. Bobbi has $500 in her bank account at the moment. Bobbi decided to buy a new phone in May for $1,500. How much money would Bobbi have left over or how much would she have to borrow if she went ahead with this purchase? b) Bill wants you prepare his balance sheet to calculate his solvency ratio, and liquidity ratio He has provided you with the following financial information: Apartment $400,000; Interest Only Mortgage Loan $325,000; Car $25,000; Annual Salary $60,000; Furniture and personal property $16,000; personal loan $12,000 (half due this year and half next year); money in savings account $2,600; Money in 12 month term deposit account $5,000. What is Bill's Solvency Ratio (rounded to the nearest %)? c) You are considering taking out a Principal and Interest Loan for $1,000,000. The term of the loan is 5 years and the interest rate is 8% p.a. Payments on this mortgage are to be made every quarter (3 monthly). What is the amount of each payment (rounded to the nearest dollar)Step by Step Solution
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