AnswersAdvanced Financial AlgebraPersonal Savings and Consumer Credit: Part Three

Personal Savings and Consumer Credit: Part Three — Test Answers

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21
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How might paying with cash benefit Antonio’s business in terms of financial flexibility?

A
increases the complexity of financial reporting
B
requires renegotiation of payment terms annually
C
frees up monthly cash flow by avoiding loan payments
D
complicates the monthly budget due to high upfront costs
22
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If Angelo sells his car for $⁢20,000 and uses the money to pay off his car loan, what will be his net worth? Use this formula: net worth = assets - liabilities

A
210 dollars comma 000
B
200 dollars comma 000
C
190 dollars comma 000
D
220 dollars comma 000
23

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

A
4 point 0 percent
B
4 point 2 percent
C
5 point 0 percent
D
3 point 5 percent
24

Is the formula in cell C6 =D⁢5∗100 that calculates the overall weighted average interest rate, correct?

A
No, the correct formula is: is equal to cap b 5 over cap d 5
B
No, the correct formula is: is equal to cap d 5 over cap b 5
C
No, it the correct formula is: is equal to cap d 5
D
Yes, the correct formula is: is equal to cap d 5 times 100
25

Which individual is likely to benefit most from the Versatile Rewards Card?

A
Astrid, a college student who makes most of her purchases at grocery stores and rarely indulges in entertainment activities
B
Aspen, who travels internationally and primarily spends on travel and hotel accommodations
C
Asia, an avid moviegoer and food enthusiast who frequently dines out and attends concerts
D
Ashton, who rarely eats out and mainly uses his card for gas and utility bills

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