BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
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The Coopers want to buy a condominium priced at $175, 500. They will need to make a down payment of 15% and pay closing costs of 3% of the purchase price. How much of the purchase price will they have to borrow?
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$170, 235
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$26, 325
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$149, 175
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$143, 910
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Explanation:
Detailed explanation-1: -Accounts receivable (AR) are the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivable are listed on the balance sheet as a current asset. Any amount of money owed by customers for purchases made on credit is AR.
Detailed explanation-2: -The first step in the eight-step accounting cycle is to record transactions using journal entries, ending with the eighth step of closing the books after preparing financial statements.
Detailed explanation-3: -: Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Duality Aspect concept, Realisation Concept, Accrual Concept and Matching Concept.
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