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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.

$970

$1,970

$2,970

$3,970

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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.

$10,337

$11,337

$12,337

$13,337

If Claire does not make any payments, how much will she owe after ten years?

$12,136.67

$3,481.24

$6,090.90

$3,232.74

Zachary's student loans are an example of what type of loan?

secured loan

unsecured loan

mortgage loan

auto loan

How can Elizabeth most responsibly pay off her bill sooner?

continue paying the minimum monthly payment

pay it off with a different credit card

take out a personal loan from a bank

pay more than the minimum payment each month

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

make all loan payments on time

check credit reports for accuracy

avoid opening credit accounts that are not needed

apply for several new credit cards

use all available credit

keep balances low

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