Credit and Types of Loans — Test Answers

A student wants to purchase a new computer costing $1,500 on a 6-month installment plan with no interest. Approximately how much will their monthly payments be?

What is the weighted average interest rate for Elena's business expansion loan, given the different loan amounts and interest rates?

What benefit does Emma gain by using a credit option with promotional terms?

Credit Card Usage Scenarios 1. Lauryn: Lauryn is a digital marketer who spends a significant portion of her budget on online shopping and groceries. She rarely travels but looks for a card with no annual fee and good cashback on her regular expenses. 2. Jake: Jake is an avid traveler and foodie. He travels abroad frequently and spends a lot on dining, both domestically and internationally. He's looking for a card that maximizes his rewards in these areas and doesn't mind an annual fee for substantial benefits. 3. Melina: Melina is a freelance photographer. She occasionally travels for work and leisure but mainly focuses her spending on groceries and household items. She's interested in a card that offers benefits for both travel and daily expenses but prefers a lower APR as she sometimes carries a balance. Match the scenarios to the appropriate card from the table: