Bad debt is also termed as uncollectible accounts receivable. This is recorded as an expense on the income statement
A Journal entry is the act of retaining or making facts of any transactions both monetary or non-economic. Transactions are indexed in an accounting journal that suggests an employer's debit and credit balances. The magazine entry can encompass several recordings, each of which is both a debit or a credit.
Record journal entries as follows: -
Journal entry
In the Books of F Polk
Date Particulars Debit Credit
01-Sep-21 Bad Debt Expense £108
Account Receivable £105
(Being bad debt expense written-off and recorded)
05-Sep-21 Account Payable - Syme Ltd. £150
Office Fixtures £150
being office fixtures returned and recorded)
10-Sep-21 Cash £180
Bad Debt Expense £131
‘Accounts Receivable - M. Abel £311
Being office fixtures returned and recorded
18-Sep-21 Machinery - Asset £1,800
Cash £100
Bank £500
Accounts Payable - Brown Ltd. £1,200
(Being machinery purchased and recorded)
26-Sep-21 Accounts Payable - Brown Ltd. £600
‘Accounts Payable - Brown Ltd. £600
Being payment made for machinery purchased and recorded)
28-Sep-21 Insurance Expense £60
Capital Account - F Polk £70
Bank £130
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During the stranger phase of leadership development, ____.
A). interests are mixed
B). exchanges are high quality
C). influences are one-way
D). interests are group-focused
Which is correct?!
In North America, keeping people waiting for a business appointment is considered rude.
Individualism
Context
Communication style
Time orientation
HELP! Which example provides the best defense for the unemployment and inflation tradeoff theory?
A. When unemployment increases, jobs are in higher demand, so fewer people are looking for jobs and inflation is less of a danger.
B. When inflation decreases, employers have more money to higher a larger percentage of the labor force, resulting in a decrease in unemployment.
C. When unemployment is low, employers must pay higher wages to attract workers, causing wage inflation and eventually an overall higher inflation rate.
D. When the inflation rate increases, there are more people looking for jobs to best support their families with necessary goods and services.
The example that provides the best defense for the unemployment and inflation tradeoff theory is that B. When inflation decreases, employers have more money to higher a larger percentage of the labor force, resulting in a decrease in unemployment.
How to illustrate the information?Short-term trade-offs between unemployment and inflation must be made by society. Policymakers can reduce unemployment by increasing aggregate demand, but only at the expense of increased inflation. They can reduce inflation by reducing aggregate demand, but doing so will temporarily increase unemployment.
As a result, the trade-offs between inflation and unemployment mean that policymakers may lower the unemployment rate below its natural rate in the short term at the expense of higher inflation, but the economy moves back to the natural rate of unemployment once workers are able to make more realistic expectations.
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Think of a business/opportunity that is related to the field of your study and explain why do you want to pursue that undertaking?
A business opportunity involves the sale or charter of any product, service, equipment and so on that will enable the purchaser-licensee to begin a business.
What is business?A business is defined as an organization or enterprising or companies entity related with in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations.
A common type of business opportunity required by a company that sells bulk vending machines and promises to secure suitable locations for the machines. The purchaser is counting on the company to find locations where sales will be high sufficient to enable them to recoup their expenses and make a profit.
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One advantage of observational studies is that they do not lad to blessed estimates. True/False
It is true that One advantage of observational studies is that they do not lead to blessed estimates.
What is observational studies?Observational study can be described as the study that is been used in giving inferences when some samples is been used in an experiment, compare to a population .
It should be noted that in this , the independent variable can not be seen as one that can be controlled by the researcher due to the logistical constraints.
In conclusion, the Observational studies make use of the participants by reserving their their circumstances, which implies that there will be no blessed estimates.
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Using the four(4) Rs, define human resources planning
Human resources planning involves careful management of the recruitment, retention, retraining, and re-deployment processes.
What is human resources planning?Human resources planning includes the adopted strategies by a company to maintain a steady stream of skilled employees while avoiding employee shortages or surpluses.
The clear purpose of human resources planning is to achieve optimum use of quality employees.
To achieve this purpose, human resources managers must utilize human resource planning deploying the four Rs of initial recruitment, retention through appropriate human resource policies, retraining for job suitability, and redeployment per case need.
Thus, Human resources planning involves careful management of the recruitment, retention, retraining, and re-deployment processes.
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An increase in the demand for a product means that the:
a. demand curve shifts to the left.
b. supply curve shifts to the left.
c. demand curve shifts to the right.
d. supply curve shifts to the right.
Clear my choice
Answer:
i think the answer is D hopefully it will be correct
Kim and Pat underwrite insurance. Each underwrites 50 accounts per month. Each account takes four hours to underwrite. The value of their time is $40 per hour. Monthly costs for each are $1,500 for an office, $2,000 for a receptionist, and $2,400 for a secretary. Calculate the average and incremental cost per case for Kim and Pat.
It is to be noted that the Average Cost per case for Kim and Pat is $10,950/case. See the explanation below.
How did we arrive at the average cost?Note that we are given the following:
Number of Accounts per month = 50Time taken to underwrite each account = 4 hours/ accountThe value of time per hour = $40/HourMonthly cost of each are:
an office = $1,500Salary for the receptionist = $2,000Salary of a secretary = $2,400The cost taken to underwrite 100 policies is:
100 x 4 x 40 = $16,000
Hence the total cost incurred in underwriting a total of 100 accounts (50 accounts each) is:
= Salary of the Underwriters + Rent + Salary for receptionist + salary for secretary
= 16,000 + 1,500 + 2,000 + 2,400
= $21,900
Hence, the Average Cost for Kim and Pat respectively is:
21,900/2
= $10,950 each for Kim and Pat
The average cost per policy underwritten is:
Total cost /number of policies
= $21,900/100
= $219 Per policy.
What is the incremental Cost?Recall that the average cost per person is $10,950 each for Kim and Pat for 50 policies each.
If the policies of each person is increased by 1, then,
their Total Cost will come to:
Cost Taken to underwrite the policies:
102 x 4 x 40 = $16,320
Hence the total cost incurred in underwriting a total of 100 accounts (50 accounts each) is:
= Salary of the Underwriters + Rent + Salary for receptionist + salary for secretary
= 16,320 + 1,500 + 2,000 + 2,400
= $22,220
Hence the cost per person is:
$11, 110
To get the incremental cost,
= New Cost (with increase in number of jobs done) - old cost
= 11,110 - 10,950
= $160
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is the introduction of new goods and services.
To perform well during the test, you should:
A) complete true-false questions first
B) tackle the difficult questions first
C) ignore the directions
D) preview the exam
Laura takes a few moments to refresh her team's memory on the elements of SMART goals.
Which two of the following statements represent the "time-phased" portion of a SMART goal?
a.)
"By the end of the year, all staff should be trained on the new system."
b.)
"Upper management is very excited about the project and will be checking in periodically for updates.”
c.)
"By the end of the project, we will have increased company revenue by 6%."
d.)
"By the end of the project, we will have designed a new records database to increase efficiency in administrative tasks."
e.)
"The project is due to be fully complete in December, but the first design should be done this week.”
The options that we have here that would tell us of the time based aspects of the SMART goals would be:
"By the end of the year, all staff should be trained on the new system.""The project is due to be fully complete in December, but the first design should be done this week.”What is the time based aspect of a goal?This is the term that is sued to refer to the goal that one has has been made to be in tune with a particular deadline. That is, the goal is to be achieved within a given time frame hence the need for the individuals to work towards the deadline.
It helps to focus the efforts and the resources of the person towards a particular period of time.
Hence we can say that option A and E are the solution.
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Exercise 1-17 (Algo) Reporting cash flows and determining effects Lo p2
For each transaction,(a) determine whether the transaction appears on the statement of cash flows under cash flows from operating activities, cash flows from investing activities ,or cash flows from financing activities, and (b) indicate whether the transaction is a cash outflow or inflow.
Depending on the type of transaction, cash flows are categorized as operating, investing, or financing activities on the statement of cash flows. These are the definitions for each of these three groups.
(1) Operating activities -
Cash-related net income activities are included in operating activities. For instance, because revenues and expenses are included in net income, operating activities include cash gained from the sale of goods (revenue) and cash spent on goods (expense).
(2) Investing activities -
Cash-related noncurrent asset activities are included in investing. Long-term investments, property, plant, and equipment, as well as the principal sum of loans to other companies, are examples of noncurrent assets. This category includes things like money received through the sale of land and money invested in another business.(3) Financing activities -
Cash transactions involving owners' equity and noncurrent liabilities are considered financing activities. The principal amount of long-term debt, stock sales and repurchases, and dividend payments are examples of noncurrent liabilities and owners' equity items.Learn more about Operating activities
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Mariposa, Inc., produces machine tools and currently uses a plantwide overhead rate, based on machine hours. Alice Chen, the plant manager, has heard that departmental overhead rates can offer significantly better cost assignments than can a plantwide rate. Mariposa has the following data for its two departments for the coming year: Department A Department B Overhead costs (expected) $720,000 $180,000 Normal activity (machine hours) 120,000 60,000 Required: 1. Compute a predetermined overhead rate for the plant as a whole based on machine hours. $fill in the blank 1 per machine hour 2. Compute predetermined overhead rates for each department using machine hours. Department A $fill in the blank 2 per machine hour Department B $fill in the blank 3 per machine hour
The predetermined overhead rate of department A per machine hour is $6.00
The predetermined overhead rate of department B per machine hour is $3.00
The predetermined overhead rate of the plant as a whole per machine hour is $5.00
What does predetermined overhead rate mean?
The predetermined overhead rate indicates the overhead cost per unit of cost driver, in essence, the overhead costs incurred by each activity which is machine hour in this case, which can be determined as the total overhead divided by the machine hours both in the individual departments and company-wide
predetermined overhead rate =overhead cost/machine hours
Department A:
overhead cost=$720,000
machine hours=120,000
predetermined overhead rate=$720,000/120,000
predetermined overhead rate=$6.00
Department B:
overhead cost=$180,000
machine hours=60,000
predetermined overhead rate=$180,000/60,000
predetermined overhead rate=$3.00
plant as a whole:
total overhead costs=$720,000+$180,000=$900,000
total machine hours=120,000+60,000=180,000
predetermined overhead rate=$900,000/180,000
predetermined overhead rate=$5.00
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Pamper Me Salon Inc.’s general ledger at April 30, 2017, included the following: Cash $5,000, Supplies $500, Equipment $24,000, Accounts Payable $2,100, Notes Payable $10,000, Unearned Service Revenue (from gift certif cates) $1,000, Common Stock $5,000, and Retained Earnings $11,400. The following events and transactions occurred during May
May 1 Paid rent for the month of May $1,000.
4 Paid $1,100 of the account payable at April 30.
7 Issued gift certif cates for future services for $1,500 cash.
8 Received $1,200 cash from customers for services performed.
14 Paid $1,200 in salaries to employees.
15 Received $800 in cash from customers for services performed.
15 Customers receiving services worth $700 used gift certif cates in payment.
21 Paid the remaining accounts payable from April 30.
22 Received $1,000 in cash from customers for services performed.
22 Purchased supplies of $700 on account. All of these were used during the
month.
25 Received a bill for advertising for $500. This bill is due on June 13.
25 Received and paid a utilities bill for $400.
29 Received $1,700 in cash from customers for services performed.
29 Customers receiving services worth $600 used gift certif cates in payment.
31 Interest of $50 was paid on the note payable.
31 Paid $1,200 in salaries to employees.
31 Paid income tax payment for the month $150.
Instructions
(a) Using T-accounts, enter the beginning balances in the general ledger as of April 30,
2017.
(b) Journalize the May transactions.
(c) Post the May journal entries to the general ledger.
(d) Prepare a trial balance on May 31, 2017.
The beginning balances should be entered in the general ledger as of April 30, 2017, as
follows:
A. Beg. Bal
Supplies
(Beg. Bal 500]
Equipment,
[Beg.Bal___ 24000]
‘Accounts Payable
72100 Beg. Bal
Notes Payable
110000 Beg. Bal
neared Service Revenue
1000 Beg. Bal
Common Stock
‘5000 Beg. Bal
Retained Earnings
11400 Beg. Bal
D.
Prepare the trial balance as follows:
PM Salonine.
Trial Balance
As on May 31, 2017
Account Titles Debit ($) Credit ($)
Cash 5100
Supplies 1200
Equipment 24000
‘Accounts Payable 1200
Unearned Service Revenue 1200
Notes Payable 10000
Common Stock 5000
Retained Earnings 11400
Service Revenue 6000
Salaries Expense 2400
Rent Expense 1000
Advertising Expense 500
Utilities Expense 400
Interest Expense 50
Income Tax Expense 150
Total 34800-34800
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Healthy eating habits have become a high priority for Baby Boomers. Salmon has been identified as a heart-healthy, antioxidant-rich fish.
The price of fresh salmon has increased over the past ten years. According to the law of supply and demand, the quantity of salmon provided should
Increase
.
Supply and demand theory states that there should be more salmon available. Since there would be an increase in demand for fresh salmon, the amount offered should also grow to meet the need.
What is the increase in demand?Please note that demand is all about when the availability of the redesigned product is low and more and more people want the same thing. In that case, there will be increased demand.
Because healthy eating habits have been increased and it has become a priority for baby boomers, they consider salmon to be a heart-healthy and antioxidant fish. Because of this, the demand has increased.
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The act of financing one's business by using real personal assets is known as
Answer:
equity financing
Explanation:
The term equity financing is a tool to raise the capital via selling the company's share to meet both the short term and long term needs. Thus, in this way, businesses can finance themselves by using personal assets like shares.
On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $97,700; Allowance for Doubtful Accounts, credit balance of $1,011. What amount should be debited to Bad Debts Expense, assuming 4% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?
Based on the debit balance on the Accounts Receivable and the credit balance of the Allowance for Doubtful Accounts, the amount debited to Bad Debts Expense will be $2,897
How much would be bad debts?The bad debt expense can be found by the formula:
= (Accounts receivable x uncollectible assumption of accounts receivable) - Allowance for doubtful debt
Solving for the bad debt expense gives:
= (97,700 x 4%) - 1,011
= $2,897
In conclusion, the debit to bad debt expense is $2,897.
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An entrepreneur approaches you about how to sell her new writing pens to consumers. The pens have a unique benefit— they are more comfortable to use than traditional pens. The entrepreneur is concerned that the retailers she has approached want to buy the pens from her at $10 apiece and then sell the pens in their stores at $18 to consumers. The entrepreneur is dismayed at the extra $8 the retailers are getting and has decided to sell the product directly to consumers for $10. She wants to know your opinion. What do you think? Why? (15pts)
The entrepreneur's decision become proper to promote the writing pen directly to purchasers for $10.00.
We are required to present an opinion on the entrepreneur's selection to promote the writing pen without delay to clients for $10.00.
The retailer is set to buy the pens for $10.00 a chunk and then sell the pens in their shops for $18.00 to purchasers for their very own gain.
But selling the pens for $18.00 a bit is an excessive amount for the customers to buy and it won't be sold greater thereby decreasing the entrepreneur's pen logo cost.
Consequently, The entrepreneur's choice became right to promote the writing pen immediately to customers for $10.00.
An entrepreneur is a man or woman who creates and grows an enterprise thru innovative ideas. entrepreneurs play key roles in producing profits as they develop their groups. An entrepreneur identifies an industrial need of their network, crafts an enterprise concept, and takes the lead position to start their enterprise.
An entrepreneur generally initiates and operates a new business. simultaneously, they may be answerable for any associated dangers. Entrepreneurship is the technique of beginning a new enterprise that prepares a person for each risk and opportunity. An entrepreneur coordinates the vital requirements of an enterprise.
They make money through capitalizing on an innovative answer for a unique, big-scale need and if, viable, repeating the process by means of imparting additional solutions for added needs.
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Jonathan is a single taxpayer with modified adjusted gross income of $110,000 and an active participation rental real estate lof of $30,000. Assuming he has no other source of passive income, what i the adjusted special alowance?
If Jonathan is a single taxpayer with modified adjusted gross income of $110,000 and an active participation rental real estate of of $30,000. Assuming he has no other source of passive income, the adjusted special allowance is $25,000.
Passive incomeSince he has no other source of passive income and he is a single taxpayer that which means that Jonathan adjusted allowance will be the amount of $25,000.
The amount of $25,000 is classified as the adjusted special allowance of person that has modified adjusted gross income of the amount of $110,000.
Therefore If Jonathan is a single taxpayer with modified adjusted gross income of $110,000 and an active participation rental real estate of of $30,000. Assuming he has no other source of passive income, the adjusted special allowance is $25,000.
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what is a franchise?
Answer:
A franchise is a business whereby the owner licenses its operations—along with its products, branding, and knowledge—in exchange for a franchise fee.
Explanation:
Using a fictional (yet realistic) product or service that you make up for a for-profit business, create a simple business plan by answering the three questions business owners must consider. (be specific and detailed.)
1. What good will you produce, or what service will you provide?
2. Describe how will it be produced/provided?
3. For whom (your target audience) should it be produced/provided? Be specific and detailed.
Answer:
option number 1
Explanation:
i think it's right
Each day, a FedEx competitor processes approximately 50,000 shipments. Suppose that they use the same Service Quality Index as FedEx and identified the following numbers of errors during a 5-day week (see the "FedEx: Measuring Service Performance" box). These values are hypothetical and do not reflect any real company’s actual performance. Description Weight Number of Errors Complaints reopened 3 140 Damaged packages 10 15 International 1 100 Invoice adjustments 1 281 Late pickup stops 3 201 Lost packages 10 5 Missed proof of delivery 1 24 Right date late 1 745 Traces 3 113 Wrong day late 5 19 Compute the Service Quality Indicator by finding the weighted sum of errors as a percentage of total shipments. Do not round intermediate calculations. Round your answer to three decimal places.
The Service Quality Indicator, the weighted sum of errors as a percentage of total shipments, is 1.1228%.
What is the service quality indicator?The Service Quality Indicator (SQI) is a 12-component index developed by FedEx to spur its progress in achieving 100% customer satisfaction with its logistics services.
The Service Quality Indicator (SQI) can be computed by weighting the number of service errors. Then, the sum is obtained and calculated as a percentage of total shipments.
Data and Calculations:Weight # of errors Weighted Sum
(Weight * Errors)
Complaints Reopened 3 140 420
Damaged Packages 10 15 150
International 1 100 100
Invoice Adjustments 1 281 281
Late Pickup Stops 3 201 603
Lost Packages 10 5 50
Missed Proof of Delivery 1 24 24
Right Date Late 1 745 745
Traces 3 113 339
Wrong Day Late 5 19 95
Totals 1,643 2,807
Number of daily shipments = 50,000
Total number of weekly shipments = 250,000 (50,000 x 5)
Number of errors per shipment = 1,643/250,000 = 0.0006572
Service Quality Indicator = Weighted Sum of Errors/Total Shipments
= 2,807/250,000
= 0.011228
= 1.1228%
Thus, the Service Quality Indicator, the weighted sum of errors as a percentage of total shipments, is 1.1228%.
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who loves cats more than dogs
Answer: No one
Explanation: Dogs are better
In 2016, the European Commission and the U.S. Department of Commerce established the ________, which is a new legal framework for transatlantic data flows that replaced the original _____ _____ framework.
Question 3 options:
1)
Safe Harbor; EU-US Privacy Shield
2)
EU-US Privacy Shield; Safe Harbor
3)
Safe Harbor; General Data Protection Regulation
4)
EU-US Privacy Shield; General Data Protection Regulation
Answer:
2)
Explanation:
EU-US Privacy Shield; Safe Harbor
(I hope, I don't remember clearly)
In 2016, the European Commission and the U.S. Department of Commerce established the EU-US Privacy Shield and which is a new legal framework for transatlantic data flows that replaced the original Safe Harbor Framework Option(2) is correct.
What is European Commission?The European Commission (EC) is the leader of the European Association (EU). It works as a bureau government, with 27 individuals from the Commission (casually known as "Commissioners") headed by a President.
There is one part for each part state, yet individuals are limited by their pledge of office to address the general interest of the EU all in all as opposed to their home state. The Commission President (right now Ursula von der Leyen) is proposed by the European Chamber (the 27 heads of state) and chose by the European Parliament.
The legislative powers of the Commission have been to such an extent that some, including previous Belgian Top state leader Fellow, have proposed changing its name to the "European Government", referring to the current name of the Commission as "ludicrous", comparing it to a misnomer.
Therefore Option(2) is correct.
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A newly established firm loses Rs. 4000 in first year but its profit increases by Rs. 800 in each succeding month for the year i)What is the profit of the firm in the 12th month? ii)What is the firm's total profit in the year?
The profit of the firm in 12 months is Rs 5600.
Profit describes the financial benefit realized while sales generated from a business pastime exceed the expenses, expenses, and taxes concerned with sustaining the hobby in question.
Profit is the cash earned with the aid of an enterprise while its total revenue exceeds its total fees. Any profit an agency generates goes to its proprietors, who may additionally pick out to distribute the money to shareholders as profits, or allocate it back into the business to finance in addition to business enterprise growth.
A newly established firm loses = Rs. 4000
Profit increases in each succeeding month = Rs. 800
12 month profit = 800 × 12
= Rs 9600
The total profit of the firm is 9600 - 4000
= Rs 5600
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Intent can be transferred when an individual intends to harm one individual but unintentionally harms another?
Intent can be transferred when an individual intends to harm one individual but unintentionally harms another. The given statement is true.
When one person intends to harm another but unintentionally harms another, intent can be transferred. If the threat is reasonable, an act meant to make another person scared of immediate bodily danger is considered an assault.
Malicious intent is that the individual behaved intentionally or purposefully to do injury without legal grounds. Malicious intent is that the individual behaved knowingly or purposefully to do injury without legal grounds.
When the mens rea of one offense can be transferred to another, the theory of transferred malice applies. Assume A fires at B with the intent of killing B, but instead hits and kills C. Transferred malice can act in such a way that A's mens rea (intention to murder B) can be transferred to C's killing.
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Not accepting a bribe from someone is a(n)______
ethical
neither
unethical
choice.
Answer:
choice
Explanation:
ethical is just a behaviour while choice u have to choose what you think is right
Diminishing marginal returns in production occur when:
1. at least one input used in production remains fixed.
2. all inputs used in production are variable.
3. all inputs used in production are fixed.
4. fixed and variable inputs are combined inefficiently.
question 5
Diminishing marginal returns in production occur when fixed and variable inputs are combined inefficiently.
Where does diminishing marginal returns occur?When production levels decrease as a result of raising one unit of production while holding all other variables constant, this is known as diminishing marginal returns. In other words, efficiency in production starts to decline.
What is diminishing marginal productivity?An economic principle that governs production states that if more variable input units are employed along with a specific amount of constant inputs, the overall output may expand initially more quickly, then steadily, but ultimately it will grow at a decreasing pace.
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Julie Yuen has clearly defined goals for ensuring that her new meal delivery service, Magic Chef, is socially responsible. One goal is to donate a percentage of her profits to local charities. How can Yuen ensure that Magic Chef is implementing its socially responsible goals?
Question 12 options:
conduct a social audit to assess performance
ask employees to keep her goals in mind
post a list of goals in the employee break room
include a note with each delivery stating her goals
The correct option is A. By conducting a social audit to assess the performance Yuen ensures that Magic Chef is implementing its socially responsible goals.
What is the social responsibility framework?An individual is required to collaborate with other people and organizations for the good of the community that will inherit the planet they leave behind under the ethical framework of social responsibility.
ESG is the greatest tool to monitor and evaluate your CSR initiatives (Environment, Social, and Governance). A triple bottom line is a set of three concrete, objective metrics that businesses use to assess themselves. These numbers can be used by both consumers and investors to assess a company's impact.
Thus, the correct option is B.
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Which of the following taxpayers is allowed to fully deduct private mortgage insurance (PMI) on their Schedule A, Form 1040? Sam is single, his AGI is $106,000. He paid $600 in PMI. Abe and Sue are married and will file married filing jointly. Their AGI is $120,000 and they paid $1,200 in PMI. Gia is married but she will file using the married filing separately status. Her AGI is $55,000 and she paid $900 in PMI. Joe is single, his AGI is $99,000. He paid $800 in PMI. Mark for follow up
The following taxpayers are eligible to write off all of their private mortgage insurance costs.
Private mortgage insurance (PMI) premiums are, in fact, deductible as part of the mortgage interest deduction through tax year 2021. However, be mindful of the phaseout limits. At an AGI of $100,000, the deduction starts to phase off gradually. At an AGI of $109,000, it totally phases out.
PMI tax: What is it?When borrowers are unable to come up with a 20% down payment for a property, lenders force them to pay PMI. The cost of PMI, which is often incorporated into the monthly payment, ranges from 0.4% to 2.25% of the mortgage each year. 2. Once a borrower has reduced the principal of the mortgage enough, PMI might be cancelled.
How much longer must I pay PMI?Your lender or servicer must stop the PMI the month after you reach the halfway point of your loan's amortization schedule if you are current on your payments. (This last termination is still applicable even if your home's value has not increased by 78 percent.)
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