Personal Savings and Consumer Credit: Part Three — Test Answers

Which strategy would help Amrom increase his net worth by using his monthly income effectively?

Julio bought a car for $15,000, using $5,000 in cash and financing the remaining $10,000 with a loan. They also spend $100 each month on car insurance and $50 on fuel. What is the liability in this scenario?

A credit card has an APR of 24% and an average daily balance of $800 during a 28 -day billing cycle. What is the finance charge for this period? Finance Charge=(Average Daily Balance)⋅((APR)/(365))⋅(Number of Days in Billing Cycle)

Match each term to its description.

Which element is often required if the primary borrower has a limited credit history or a lower credit score?

Calculate the interest using I=(P⋅d⋅r)/(365) for a $⁢10,000 loan at an annual interest rate of 3% over 120 days without any payments.

Yosef has a credit card with the following balances over a 30-day billing cycle: $100 for 10 days, then an increase to $300 for the next 10 days after a purchase, and a decrease to $200 for the last 10 days after a payment. What is Yosef's average daily balance for this billing cycle?

What type of asset is real estate?

An individual owns a home valued at $⁢354,800 Last year, it was worth $⁢320,000 What is the percent increase in the home's value? Round your answer to the nearest tenth. Enter your answer in the box.

Choose the answer from the dropdown list that correctly completes the sentence. When a borrower applies for a loan, the lender may charge [Dropdown 1] fee for processing the loan application.

Which word or phrase describes an item owned by a person that is worth money or has value?

What is a credit score?

What is a high-percentage expense in a budget?

Which life event is most likely to increase long-term budget expenses?

For a student loan with a principal of $⁢15,000 , an annual interest rate of 6% , and a repayment term of 15 years, what is the monthly payment according to M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) ?

What is the impact of a FICO score on creditworthiness?

Which payment strategy shows the least change in the monthly balance reduction rate over time?

In July, Makayla has a planned vacation expense of $⁢1,000 However, an unexpected home repair costing $⁢600 occurs in October. How might Makayla adjust the budget to handle the home repair and maintain the vacation plans?

Inaya decides to start saving for a house after getting married. What long-term budget change do they need to focus on based on their adjusted budget?

Match each formula with the correct cell to complete Jada's spreadsheet.