Using what you have learned about credits scores and the Five C’s‚ respond to the following in 50-to 100-words each: 1. Your household cash flow helps to determine which C? Describe this C. Your household cash flow helps determine capacity. Lenders evaluate your ability to afford your current lifestyle and repay your debits based on your household cash flow. Some debt types are your mortgages‚ student loans‚ and credit cards. So capacity is money that you spend relative to the money that you earn
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What are some future consequences of borrowing too much debt? The weight of debt is forcing many to put off saving for retirement‚ getting married‚ buying homes and putting aside money for their own children’s educations. Heavy student debts may also keep young adults from starting businesses. Some graduates will refuse to risk what little money they have on entrepreneurial ventures. And securing loans will now be harder. How do you plan on repaying your student loans? I have Stafford loans
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Additional Problem #7 Judgement for Eva. In this scenario‚ Maria has the legal obligations to pay back Eva the remaining sum of $15‚000. In the contract‚ it states that Maria has to pay $75‚000 for the service. Thus‚ she has the pre-existing legal obligation to pay Eva in full. Judgement for Eva. In this scenario‚ though she accepted the check‚ Eva indicated that it was “under protest”. Because there was a written contract that indicated that a debt of $75‚000 has to be paid for the decorating service
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Russian Default 1998 1 Intro Russian financial crisis – Ruble crisis – Russian flu -> 17th august 1998 Result => Devaluation of Ruble ‚ Default on Debt Causes => Declining productivity high fixed exchange rate chronic fiscal deficit Economic burden of Chechen war Asian financial crisis 1997 Commodity prices – oil & non-ferrous metals – impacted foreign exchange reserves Political crisis => Russian president Boris Yeltsin dismisses PM Viktor Chernomyrdin & his cabinet - 23 March 1998. Yeltsin ->
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Non-performing assets are problematic for financial institutions since they depend on interest payments for income. Troublesome pressure from the economy can lead to a sharp increase in non-performing loans and often results in massive write-downs. MANAGEMENT Suggestions: * There surely is a need to distinguish between willful and unwilling defaulters. In case of the latter category of defaulters the law should not be as harsh as in case of willful defaulters. • The act should be judiciously
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Case 11.1 Instructional Notes The Runners Shop: Litigation Support Review of Audit Documentation for Notes Payable Mark S. Beasley‚ Frank A. Buckless‚ Steven M. Glover‚ Douglas F. Prawitt INSTRUCTIONAL OBJECTIVES To provide hands-on experience with evaluating audit documentation. To illustrate the auditor’s objectives and purposes when documenting the audit work performed. To highlight the care required by auditors when documenting audit work. To illustrate the linkage of
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Clarkson Lumber Company 1. Why has Clarkson Lumber borrowed increasing amounts despite its consistent profitability ? Clarkson’s business is growth with average Net Sales 24.50% from year 1993 to year 1995. The Net Sales Q1 year 1996 is achieved 23.50% of Net Sales year 1995. To achieve the target Net Sales year 1996‚ Clarkson should borrow the Loan from other Bank. If not‚ the estimation of achievement Net Sales year 1996 is 4 times of Net Sales Q1 year 1996 or decrease -6.00% of Net Sales
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SAMPLE PROMISSORY NOTE This document is to be used as a guideline only. HowStuffWorks does not guarantee that this document is suitable‚ or legally accurate‚ for all situations‚ and is not liable for any deficiencies in the document’s content. |Borrower Information: | |Name: |Date:
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The Bible “forbids” Carl to file for bankruptcy. Carl has acquired debt with little or no intent on paying it back. He did so by continuing to refinance and to roll his debt from credit cards and other expenses into his home mortgage. Carl is not making enough money to live the life style that he is living. While filing for bankruptcy would be a way for Carl to get out of debt‚ I don’t believe that it was designed for us to live above our means with no intent to pay back our loans. The Bible
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(6)Discharge by Agreement or Consent The contract rests on the agreement of the parties. The parties may get discharged from the obligations of performance of contract by agreement or mutual consent. By Agreement or Consent • By novation • By “accord and satisfaction” • By remission and waiver The discharge by consent may be express or implied. Discharge by consent:- (a)Novation: When a new contract is substituted for an existing one‚ either between the same parties or between the one of
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