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
- What appears in the Tradelines section of your credit report? each credit account you've ever opened court judgments O applicant information recent inquiriesDo you think it’s a good idea for high school students to have a credit card? What about college students? Adults? Explain why you feel this way.How fast Can someone get a bank loan?