Gateway Sold a Big-Screen TV and Entertainment Center to Iris

question 4

Essay

Gateway sold a big-screen TV and entertainment center to Iris for $2,000 on credit. Iris signed a promissory note and gave Gateway a security interest in the TV and entertainment center. Gateway filed a financing statement in the appropriate public office. When Iris defaulted on her monthly payments owing a balance of $1,780, Gateway's attorney made arrangements to have the TV and entertainment center repossessed. The attorney then placed classified ads in the local newspaper to sell the goods. The attorney's fees are $300, the repo company charged $150, and the advertising costs are $50.
(A)Is Iris able to redeem the property? 
(B)If Iris does not redeem and the TV and entertainment center are sold for $1,750, how will the money be disbursed?

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Definitions:

Misses Flight

Misses flight indicates a situation where an individual fails to board their scheduled airplane before its departure.

Rain

Precipitation in the form of liquid water droplets that have condensed from atmospheric vapor and then become heavy enough to fall under gravity.

False Positives

Incorrect identifications where a test result improperly indicates presence of a condition (like a disease) when it is not actually present.

Test Positive

To show the presence of a particular condition or substance in a test, indicating that the condition or substance was detected.