List examples of loans or loan sources that fit into the categories of inexpensive, more expensive, and most expensive
What will be an ideal response?
Answer:
- Inexpensive: family, home equity loans, secured loans, loans against the cash value of life insurance
- More expensive: credit unions, S&Ls and commercial banks, unsecured loans
- Most expensive: financing from retail stores, finance and small loan companies
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Westbrook Financial Services, Inc. invested $15,000 to acquire 7250 shares of Cloud Investments, Inc. on March 15, 2015. This investment represents less than 20% of the investee's voting stock. On May 7, 2018, Westbrook Financial Services, Inc. sells 2250 shares for $12,250. Which of the following will be the correct journal entry for the May 7, 2018 transaction? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
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Answer the following statement true (T) or false (F)
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