Using Credit Answers

Connie has two credit cards, U and V. Card U has a balance of $414.55, and Card V has a balance of $751.81. The minimum monthly payment on Card U is 2.82% of the balance, and the minimum monthly payment on Card V is 3.09% of the total balance. How much greater is the minimum payment on Card V than on Card U?a.$8.70b.$10.73c.$9.51d.$11.54

Which of the following types of credits would best describes home equity loans?a.closed and securedb.closed and unsecuredc.open and securedd.open and unsecured

Which of the following types of credits would best describes home equity loans?a.closed and securedb.closed and unsecuredc.open and securedd.open and unsecured

What is an unsecured line of credit?a.A line of credit which does not require collateral.b.A line of credit with a variable interest rate.c.A line of credit offered by an institution other than a bank, such as a department store.d.A line of credit offered to an individual with no credit history.

Connie has two credit cards, U and V. Card U has a balance of $414.55, and Card V has a balance of $751.81. The minimum monthly payment on Card U is 2.82% of the balance, and the minimum monthly payment on Card V is 3.09% of the total balance. How much greater is the minimum payment on Card V than on Card U?a.$8.70b.$10.73c.$9.51d.$11.54

Use the following compound interest formula to complete the problem. Sandra has two credit cards, P and Q. Card P has a balance of $726.19 and an interest rate of 10.19%, compounded semiannually. Card Q has a balance of $855.20 and an interest rate of 8.63%, compounded monthly. Assuming that Sandra makes no purchases and no payments with either card, after four years, which card’s balance will have increased by more, and how much greater will that increase be? a. Card Q’s balance increa