Unit Test — Unit test Answers

Jessica is trying to get a credit card. She has a credit score of 790. How is Jessica’s lender likely to view this credit score?

Which is considered a good credit practice?

Chuck has a credit card balance of $4,750 with an APR of 17%. With his existing debt payment plan, Chuck will not be able to pay off the debt for another 20 months. To speed up the process, Chuck decides to take $2,000 from his savings and apply it to the balance. He plans to pay the remaining balance in 12 months. How much will Chuck save in finance charges (interest) by doing this?

Gina wants to pay off her credit card balances within 24 months. She is trying to decide if she should use her $2,000 in savings to pay off part of the balances or if she should transfer the balances to a new card with a low introductory rate. The new credit card has an introductory rate of 9% but charges a balance transfer fee of $75 for each balance transfer. Evaluate Gina's options and recommend the debt management plan that results in the lowest monthly payment.Credit Card A: $1,354 Credit Card B: $1,678

Tyrek wants to lower his credit card debt and has been tracking his expenses for the past month. He found his variable expenses in relation to his fixed expenses. How much of Tyrek's monthly income is left once he pays off his fixed expenses?

Sampson has a list of items that are on sale to pick up at the store. The sale items are the following: Ice cream – $1.89 Sweet corn – 3 for $1 Bananas – $0.49 per pound Sampson buys 1 carton of ice cream, 4 ears of corn, and 2.5 pounds of bananas. His receipt is shown below. Swt corn 2@3/$1 $0.67 Bananas 2.5 [email protected] $1.23 Ice crm [email protected] $2.49 Store discount for ice crm $0.60 -$0.60 Swt corn 2@3/$1 $0.67 Determine if Sampson's receipt is correct.

Janessa wants to pay off her credit card balances within 12 months. She is trying to decide if she should use her $1,000 in savings to pay off part of the balances or if she should transfer the balances to a new card with a low introductory rate. The new credit card has an introductory rate of 6.5% but charges a balance transfer fee of $50 for each balance transfer. Janessa decides to pay of Credit Card B and $420 of Credit Card A, then transfer the remaining balance of Credit Card A to the new card. Which of the following options shows the amount of Janessa's new monthly payment?Credit Card A: $957 Credit Card B: $580

Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. He calculates that the extra money he pays in additional interest each year, if invested at the rate of 2.5% for one year, could earn him simple interest totaling $300. How much does Tyrell pay in additional interest each month?

List 3 responsibilities that a consumer has when making a purchase.

Verona goes to a business that offers tax refund anticipation loans because she really wants to get her money right now and not wait. They calculate her refund to be $985 and charge her $130 in fees for the loan. If the term on her loan is 15 days, what is the annual percentage rate on her loan?

Yuri invests $2,000 in an account with compound interest at 6%. Maria invests $3,500 in an account with compound interest at 4%. Using the rule of 72, how many years with it take Yuri and Maria to double their money?