Credit and Loans Answers
Use the formula for simple interest.A=(P)(r)(t)Remember, A refers to the interest accrued.Calculate the total interest Tom would pay, in addition to paying back his $9,000 in principal.
What did you include in your answer? Check any that apply.
Use the formula for annual compound interest.A = P (1 + StartFraction r Over n EndFraction )ntRemember, A refers to the total amount owed.Calculate the total amount that Tom would repay.
Make a recommendation to Tom. Which loan should he use?
Tom should use loan option B, the compound-interest loan, because it requires a smaller total repayment due to the simple-interest loan's much higher interest rate.
If Claire does not make any payments, how much will she owe after ten years?
Zachary's student loans are an example of what type of loan?
How can Elizabeth most responsibly pay off her bill sooner?
What steps can an individual take to improve a credit score? Check all that apply.make all loan payments on timecheck credit reports for accuracyavoid opening credit accounts that are not neededapply for several new credit cardsuse all available creditkeep balances low
How does the decision to make a down payment benefit Jordan’s financial situation?
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