Which would be considered closed-end credit situations? Check all that apply.
How much will Ava pay in interest if she pays back the card in 11 months?$10$16$13.06$32
Jason has a credit card that charges 2% interest on unpaid balances each month. He spent $300, but only makes the minimum payment of $30 a month when the bill is due. What is the balance on his credit card account after making his payment at the end of the fourth month?
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How much will Ava save immediately if she uses the credit card and pays the balance during the billing cycle?$5$10$15$20
What is the difference between open-end credit, and closed-end credit, and what are the costs associated with each?
Closed-end credit is a loan for a specific amount that must be repaid in full by a specific date, such as a mortgage or an auto loan. Open-end credit is a line of credit that can be used repeatedly up to a certain limit as long as the borrower continues to make payments, such as a credit card. Both types of credit involve costs including interest rates and various fees charged by the lender.
The Lagan family bought a $150,000 home in 2002. They obtained a mortgage loan for 30 years. The monthly payments, not including property taxes and insurance, are $895.00. Assuming these monthly payments do not change, how much interest will be paid on the house during the 30 years?(Monthly Payment)(12 months per year)(30 years)(895)(12)(30) = $322,200 total amount paid (principal and interest)
Candice wants to buy a $2500 scooter with a loan from her local bank. Which loan option would be best for Candice if she wants the lowest interest rate and wants to pay off the scooter within 5 years.
What is the total amount of interest Shelby will pay for the car loan?$1157.28$2478.58$7000$9478.58
Which would be considered closed-end credit situations? Check all that apply.
Jason has a credit card that charges 2% interest on unpaid balances each month. He spent $300, but only makes the minimum payment of $30 a month when the bill is due. What is the balance on his credit card account after making his payment at the end of the fourth month?
How much will Ava save immediately if she uses the credit card and pays the balance during the billing cycle?$5✔ $10$15$20
What is the difference between open-end credit, and closed-end credit, and what are the costs associated with each?
Closed-end credit is a form of credit that must be paid off by a specific date. Open-end credit is an amount of credit that can be borrowed repeatedly as long as consistent payments are made according to the bank’s terms. The cost of these types of credit are fees and interest rates charged by the lender.
The Lagan family bought a $150,000 home in 2002. They obtained a mortgage loan for 30 years. The monthly payments, not including property taxes and insurance, are $895.00. Assuming these monthly payments do not change, how much interest will be paid on the house during the 30 years?(Monthly Payment)(12 months per year)(30 years)(895)(12)(30) = $322,200 total amount paid (principal and interest)
It will take Cody 3 months to save up enough money to purchase a stereo. He has a credit card with a 12% interest rate. Cody’s friend Mark says it will cost Cody less money if he saves for 3 months instead of using the credit card. Is Mark correct?
Candice wants to buy a $2500 scooter with a loan from her local bank. Which loan option would be best for Candice if she wants the lowest interest rate and wants to pay off the scooter within 5 years.
What is the total amount of interest Shelby will pay for the car loan?$1157.28✔ $2478.58$7000$9478.58
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