Q: How does the credit card company calculate the interest payment?
A: The credit card has been an important tool to increase the purchasing power. This facility has…
Q: Other than lenders, who else might use your credit score and why?
A: Credit decisions are made by lenders. Credit reporting agencies sell credit reports on their…
Q: How fast Can someone get a bank loan?
A: A bank takes into account several things when considering whether or not to extend a loan to…
Q: describe something you can do to increase your savings for retirement.
A: Retirement: It is the point of time where someone stops working.
Q: credit
A: In, the late 19th century and early 20th century, companies built on the ideas of revolving credit…
Q: PAYMENT HISTORY,CAPACITY,LENGTH OF CREDIT,NEW CREDIT and MIX OF CREDIT how do the above factors…
A: Payment History, Capacity, Length Of Credit, New Credit and Mix of Credit are some of the most…
Q: Your friend Tim wants to open a checking account, but he's not sure how to do it. List the steps.
A: A checking account is a sort of bank account that enables you to deposit and receive money for…
Q: Transactions on a debit card can't affect your credit history. O True O False
A: Answer :- True Transactions on a debit card can't affect your credit history. The…
Q: Advantage and Disadvantage of Building and Loan Associations from Private Nonbank Thrift…
A: The loans are amount of money which are borrowed by the various individuals or the firms. The loans…
Q: If you make a late payment on a 0% interest credit card, you're responsible for paying the entire…
A: The statement is false If we make late payment on a 0% interest card , then the bank may charge…
Q: Bank A charges 12% compounded monthly on its business loan. Bank B charges 11.8% compounded daily.…
A: The best bank to borrow money can be selected based on the following method.
Q: What are commercial loans?
A: Loan is a type of debt instrument in which a sum of money is borrowed by an individual or a firm…
Q: Does IRS have my direct deposit info?
A: IRS stands for Internal Revenue Service which represents the federal government's revenue services,…
Q: Factors that influence the use of money vs credit cards.
A: Money: Money is an widely accepted instrument used as measure of value, a medium of exchange, a…
Q: Summarizes some of the interest formulas?
A: Simple interest = (P*R*T)/100 where, P : Principal amount R : Rate of interest per annum…
Q: why is it critical for consumers to truly understand the effect of interest on their credit cards?
A: A credit card is a payment card that enables the owner to borrow funds to pay for purchases. Since…
Q: What is the cheapest loan?
A: A loan is the lending of money by an individual or a group to another individual or a firm, with an…
Q: Mary Smith took out a loan of $75,000. The loan runs for five years at a minimum interest rate of…
A: here we calculate how much is each monthly payment to Mary Smith by following method given below
Q: Importance of saving money
A: Money: It refers to the cash which is available to the people. Money can be used for buying goods…
Q: what does it mean when banks are paying people to get loans?
A: The financial system of the nation is considered to be one of the most prominent, and important…
Q: 2. is/are repaid in monthly payments. O Bankruptcy Credit O Installment loans IOU's
A: An installment loan is normally a one-time loan that provides amount in a lump sum. Lender…
Q: What is the future amount is due at the end of the loan period
A: Here T = 13 months R = 20% P = 2000
Q: How Do You Manage Your Credit Card Debt?
A: Credit cards have become a everyday part of our lives and is convenient to use. It is often, that we…
Q: credit unions differ from savings institutions
A: More number of saving banks come together are called savings institutions. More number of loan…
Q: Do the credit card interest rates vary with creditworthiness? how?
A: Yes, the credit card interest rates vary with creditworthiness. To set the interest rate on the…
Q: Suppose you want to have $600,000 for retirement in 25 years. Your account earns 10% interest. How…
A: Given: Amount at retirement=$600,000Time=25 yearsRate of interest=0.10
Q: The first thing paid when repaying a loan is the principal. True or False?
A: Principal denotes the original amount of money borrowed by the individual for meeting his/her needs.…
Q: As a student, are you saving or borrowing? Why?
A: Disparities in income and expenditure encourage people to save or borrow. An individual who makes a…
Q: List the elements of Transactions involving Interest?
A: Interest is a charge made to a lender in addition to the principal by a borrower, and it is a…
Q: Describe what consumers should know about credit monitoring services.
A: A credit monitoring service keeps track on borrower behavior in order to alert customers to…
Q: Credit insurance ; pls draw and explain how does that work ?
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Who prepares credit reports? O your banker credit bureaus the judge who oversees your bankruptcy…
A: A Credit Report is a summary of all the credit activities undertaken by you till date.
Q: What is the difference between a secured loan and anunsecured loan?
A: A loan is when money is being given to another party in exchange for repayment of the principal…
Q: Most credit cards operate on revolving credit. True or false? Explain how?
A: Revolving credit refers to an arrangement between the customer and the financial institution in…
Q: Balance Of Payment
A: Balance of payment has three components:Current accountFinancial accountCapital account
Q: What appears in the Tradelines section of your credit report? each credit account you've ever opened…
A: A credit report account is referred to as a "tradeline" in the credit industry. Tradelines on a…
Q: What does credit tell you about the consumer culture in the 1920s
A: Credit culture was not that developed during 1920's. It was basically used as a simple transaction…
Q: How does amortization help in making loans affordable?
A: Concept Amortization is the technique of repaying a loan in monthly interest and principal…
Q: What are the three different ways to compute interest charges?
A: There are three different interest calculation methods. They are Fixed Flat Declining Balance…
Describe the process of Borrowing with Credit Cards?
Step by step
Solved in 2 steps
- Why do people sometimes use credit to pay for items instead of just using cash?What appears in the Tradelines section of your credit report? each credit account you've ever opened court judgments O applicant information recent inquiriesDescribe what consumers should know about credit monitoring services.