Lesson 4: Consumer Responsibilities Answers

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?

Kaleb wants to get a payday loan in the amount of $375. He knows that the annual percentage rates (APR) for these types of loans are high, but he is hoping to find one that has an APR of 40%. If Kaleb finds a business that charges a fee of $37 for the loan, what would the term of the loan need to be in order for Kaleb to get his desired APR?

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?

While out shopping for new clothes, Xaoting sees a sign for cozy socks advertised on sale for $3.50 per pair. The regular price of the socks is $5 per pair. Xaoting buys 3 pairs and notices that the socks do not ring up at the advertised sale price, so she has the cashier do a price check. If the sales tax is 8%, how much does Xaoting save by paying attention at the register?

A consumer charges a $46.92 purchase on a credit card. The card has a daily interest rate of 0.039%. If the consumer pays off the balance at the end of 30 days, how much in interest will be paid for the purchase?

Based on a $400 loan amount, rank the following companies from the lowest to highest annual percentage rate (APR).CompanyFees ChargedTerm of LoanA$405 daysB$5012 daysC$8015 daysD$10020 days

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 lb@0.49 $1.23 Ice crm 1@2.49 $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.

Describe the key things that set predatory lenders apart from other lenders.

Shakira has a balance of $202.86 in her checking account on Saturday morning. She uses her debit card to pay her cell phone bill of $80.73 over the phone. She then picks up her dry cleaning, dog food at the pet store and groceries for debits of $16.89, $35.24, and $113.92. Shakira’s bank uses a balance system of deducting highest transactions first. The bank will not return amounts up to a total of $50 in overdrafts, but they do charge a fee for each overdraft. How many overdraft fees will Shakira incur?

Kaleb wants to get a payday loan in the amount of $375. He knows that the annual percentage rates (APR) for these types of loans are high, but he is hoping to find one that has an APR of 40%. If Kaleb finds a business that charges a fee of $37 for the loan, what would the term of the loan need to be in order for Kaleb to get his desired APR?

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

Priscilla decides to order a delivery from the local sandwich shop. Her order comes to $12.74 and there is a $2.30 delivery charge. When the food is delivered, Priscilla adds on to her receipt a charge of 15% of her total, not including the delivery charge, as a tip for the driver. When Priscilla goes to check her debits on her online bank statement, what amount should she expect as her total debit?

Based on a $400 loan amount, rank the following companies from the lowest to highest annual percentage rate (APR).CompanyFees ChargedTerm of LoanA$405 daysB$5012 daysC$8015 daysD$10020 days

A consumer charges a $46.92 purchase on a credit card. The card has a daily interest rate of 0.039%. If the consumer pays off the balance at the end of 30 days, how much in interest will be paid for the purchase?