Jefferson stops by a fast-food restaurant for a $3.50 cheeseburger everyday. If he only ate at home and eliminated this cost, how much could he save after 10 weeks?
Jefferson currently spends $3.50 per day on a cheeseburger.
He would save $3.50 per day if he ate at home and eliminated this cost.
Jefferson could save 7 * $3.50 = $<<7*3.5=24.50>>24.50 per week if he ate at home.
After 10 weeks, Jefferson could save $24.50 * 10 = $<<24.50*10=245>>245. Answer: \boxed{245}.
Analyzing the situation for financial responsibility, what is the most immediate threat to your finances from playing video games?
The most immediate threat to your finances from playing video games is the potential for overspending on in-game purchases. Many video games have virtual currencies or offer cosmetic items, power-ups, or additional content that can be purchased with real money. It can be tempting to make impulse purchases or get caught up in the excitement of the game, leading to excessive spending. This can quickly drain your bank account or accumulate credit card debt if not monitored and controlled.
Analyzing the situation for financial responsibility, what is the most immediate threat to your finances from playing video games?
A. losing track of microtransactions while playing online
B. downloading an expensive game
C. spending too much time playing
D. neglecting your studies
A. losing track of microtransactions while playing online
The most immediate threat to your finances from playing video games is losing track of microtransactions while playing online. Microtransactions are small, often impulse purchases made within a game, such as buying virtual currency, additional lives, or in-game items. It can be easy to lose track of how much money you are spending on these transactions, especially if you are not keeping close tabs on your in-game purchases. This can quickly lead to overspending and negatively impact your financial situation.
Determine the total cost, fixed monthly payment, and the total interest paid when repaying a credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term. Round the answer to the nearest dollar.
To determine the total cost, fixed monthly payment, and total interest paid on a credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term, we can use the formula for calculating the fixed monthly payment on a loan:
Fixed monthly payment = (Principal * Monthly interest rate) / (1 - (1 + Monthly interest rate)^(-Number of months))
First, let's calculate the monthly interest rate. We divide the annual interest rate by 12 (number of months in a year):
Monthly interest rate = 21% / 12 = 0.0175
Now, let's calculate the fixed monthly payment:
Fixed monthly payment = (3500 * 0.0175) / (1 - (1 + 0.0175)^(-24))
Fixed monthly payment ≈ $168.41 (rounded to the nearest cent)
To calculate the total cost, we multiply the fixed monthly payment by the number of months:
Total cost = Fixed monthly payment * Number of months
Total cost = $168.41 * 24
Total cost ≈ $4,041.84 (rounded to the nearest dollar)
To calculate the total interest paid, we subtract the principal amount from the total cost:
Total interest paid = Total cost - Principal
Total interest paid = $4,041.84 - $3,500
Total interest paid ≈ $541.84 (rounded to the nearest dollar)
Therefore, the total cost is approximately $4,042, the fixed monthly payment is approximately $168, and the total interest paid is approximately $542.