John made a prepaid purchase of medical insurance of $3,000 for the year. In seven months he cancelled the insurance. Calculate the pro-rated refund he should receive from the insurance company.
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John made a prepaid purchase of medical insurance of $3,000 for the year. In seven months he cancelled the insurance. Calculate the pro-rated refund he should receive from the insurance company.
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- Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss in January costing 1,127, another in May costing 2,209 and the last in December costing 1,043. If Faisal has a straight deductible of 324. How much will the insurer pay?Sarah made a prepaid purchase of medical insurance of $3,100 for the year. In five months he cancelled the insurance. Calculate the pro-rated refund he should receive from the insSurance company. Round to the nearest cent SAVE PRO 15°C DKatie made a prepaid purchase of medical insurance of $3,200 for the year. In seven months she cancelled the insurance. Calculate the pro-rated refund she should receive from the insurance company. Round to the nearest cent SAVE PROGRESS SUBMITASSGN acer
- Ashley has an individual medical expense insurance policy with a $1,000 calendar year deductible and a 20% coinsurance clause. Ashley had outpatient surgery to remove a bunion on her foot and incurred medical bills of $10,000. How much will Ashley's insurer pay?Bradford's automobile insurance policy has a $1,400 deductible, with a $3,800 out-of-pocket limit and a 90/10 copay. This year, he was involved in a car accident, and was billed $10,800 in expenses. How much of this expense will Bradford be expected to pay out of his own pocket?Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss in January costing 1,577, another in May costing 1,284 and the last in December costing 1,102. If Faisal has an aggregate deductible of 2,574. How much will the insurer pay?
- Roger Orfield had a skiing accident, and the doctor told him he must not work for the next four weeks. Roger earns $3,000 per month. How long must Roger wait before collecting disability insurance? How much will Roger be able to collect? What is the maximum length of time Roger could collect disability insurance if his doctor tells him he is unable to work? Is his disability check taxable?Horace has a credit card with a balance of $12,000. The annual interest rate is 18%. The terms of the credit state that a minimum payment of 3% of the outstanding balance must be paid each month, but no less than $35.00 must be paid each month. Horace plans to stop using the credit card and pay off the balance according to the terms of the credit. How many years will it take to pay off the balance, assuming Horace only pays the minimum required payment? How long will it take to pay off the balance if Horace pays an extra $50.00 per month? How much in addition to the required minimum payments must Horace pay each month if he wishes to pay off the balance in 5 years?Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed on October 30. Guerra subsequently has a car accident and desperately needs money, so she sells the note at a discount of 15% on January 3 to an investor. Find (a) the discount, (b) the proceeds, and (c) the amount of money Guerra gains or loses.
- Britta has been accepted into a 2-year Medical Assistant program at a career school. She has been awarded a $6,000 unsubsidized 10-year federal loan at 4.29%. She knows she has the option of beginning repayment of the loan in 2.5 years. She also knows that during this non-payment time, interest will accrue at 4.29%. Britta made her last monthly interest-only payment on May 5. Her next payment is due on June 5. What will be the amount of that interest-only payment? Round your answer to the nearest cent. *Jan sold her house on December 31 and took a $5,000 mortgage as part of the payment. The 10-year mortgage has a 12% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year. a. What is the dollar amount of each payment Jan receives? Round your answer to the nearest cent. $ b. How much interest was included in the first payment? Round your answer to the nearest cent. $ How much repayment of principal was included? Do not round intermediate calculations. Round your answer to the nearest cent. $ How do these values change for the second payment? I. The portion of the payment that is applied to interest declines, while the portion of the payment that is applied to principal increases. II. The portion of the payment that is applied to interest increases, while the portion of the payment that is applied to principal…Five years ago, alex loaned his son Liam $20,000 to start a business. A note was executed with an interest rate of 8%, which is the Federal rate. The note required monthly payments of the interest with the $20,000 due at the end of 10 years. Liam always made the interest payments until last year. During the current year, Liam notified his father that he was bankrupt and would not be able to repay the $20,000 or the accrued interest of $1,800. Tom is an accrual basis taxpayer whose only income is salary and interest income. The proper treatment for the nonpayment of the note is: a.$3,000 deduction. b.$20,000 deduction. c.No deduction. d.$21,800 deduction.