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- 1. If you have a credit card: A. Pay it off each month B. Spend wisely C. Use it as a tool to gain good credit D. All of these E. None of these 2. When starting a savings plan: A. Have at least five months' income saved for emergencies B. Wait until you have acquired your career job C. Save only in months where you have extra income D. All of these E. None of these 3. Practicing good financial management while still in college benefits you because: A. Budgets keep you focused and eliminate waste B. You will most likely be earning more money once you complete your education C. Poor credit decisions will haunt you in the future D. All of theseYou are a responsible person, but sometimes you have to charge things to your credit card and pay for them over several months rather than in one payment. Your card has a $1,000 limit. Since you are going to be financing your charges over several months, what is the maximum amount you should owe on your credit card at one time? OA. $200. O B. $400. OC. $800. OD. $1,000. Question 18 Save and Quit You lave a creuit card with a $1,000 limit. You plan to always pay your card off in full each month. What is the amount you can safely owe on your card? DELL $4 4. & 7 e yMay I ask for an explanation and solution to the question for a better understanding. Thank you! 4. You deposited P1,000 in a savings account that pays 8% interest, compounded quarterly, planning to use it to finish your last year in college. Eighteen months later, you decide to go to Quezon City to become a call center agent rather than continue in school, so you close out your account. How much money will you receive? a. P1,999.00 b. P1,439.45 c. P250.25 d. P1,126.16
- 2. Janine has two choices for paying off her credit card balance. She can make payments of $186 per month for 36 months to the credit card company, or she can borrow the card balance from the bank and make payments of $162 per month to the bank for 36 months. How much money will she save if she borrows the money from the bank and pays off her credit card? F $927 G $28 H $972 $864Which of the following will likely lower your credit score? A) all of your accounts date back five years or more B) you are three months away from paying off your 5 year loan C) all your low balances on your credit cards D) you recently declared bankruptcy1. Alev has a $300 balance on her credit card that she forgot about. Each month, the balance increases by 13% due to compound interest. How much will her balance be 6 months from now if she continues to forget and not make any payments? Show your work AND explain your thinking.
- No Plagirism Please! Note: Enter your answer and show all the steps that you use to solve this problem in the space provided You have a credit card with a balance of $1,367 90 at a 95% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest? Be sure to include in your response the answer to the original question the mathematical steps for solving the problem demonstrating mathematical reasoningYou have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. How much will you owe on the credit card if you have not made a payment for 6 months? Note: Round your answers to the nearest cent. How much interest will have accrued? Note: Round your answer to the nearest cent. What will be the effective rate of interest after the 6 months?A person saves $100 in a bank account at the beginning of each month. The bank offers a return of 12% compounded monthly. a. Determine the total amount saved after 12 months. b. After how many months does the amount saved exceed $2000? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Directions: For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows. George just turned 21 and has applied for a few credit cards. Here are some details about his profileItem Improve or decrease credit scoreHe currently has 2 credit cards He got his first credit card 8 months ago He has no student loans He has applied for 4 credit cards in the last year (and had 2 applications accepted) He opened his last credit card 4 months ago All of his credit cards currently have a balance, as he has trouble paying off his card each month He has $5,000 currently outstanding on all his credit cards He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment. He has no cards currently past due His credit card balances of $5,000 are about 55%…1. Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the credit card as a backup. You plan to request your limit to be raised after three months of charging only the following: $150 in month 1; $200 in month 2; and $199 in month 3. Each month you have paid the balance in full. What average percentage of your credit limit did you use each month?Give typing answer with explanation and conclusion You have a balance of $9700 for your tuition on your American Express credit card. Assume that you take no more charges on the card. Also assume that American Express charges 13% APR and that each month you make only the minimum payment of 4% of the balance. What will the balance be after 32 months? At what balance do you begin making payments of $60.00 or less? How long will it take to get the balance below $50?