Which of the following is true?
(1 point)
Renting to own may not be possible if you have poor credit or no credit history.
Store credit is almost always interest-free.
When calculating the total cost of a purchase, you can ignore any interest charges.
Store credit cards usually have higher interest rates than regular credit cards.
The statement that is true is: Renting to own may not be possible if you have poor credit or no credit history.
Which of the following is true?
(1 point)
Renting to own may not be possible if you have poor credit or no credit history.
Store credit is almost always interest-free.
When calculating the total cost of a purchase, you can ignore any interest charges.
Store credit cards usually have higher interest rates than regular credit cards.
The statement that is true is: Store credit cards usually have higher interest rates than regular credit cards.
The correct statement is: (1 point) Renting to own may not be possible if you have poor credit or no credit history.
To determine which of the given statements is true, we can individually evaluate each option:
1. Renting to own may not be possible if you have poor credit or no credit history.
To assess the accuracy of this statement, we need to understand how renting to own works. Rent-to-own is an arrangement where individuals can rent a product with the option to purchase it eventually. However, poor credit or no credit history may affect your ability to enter into such an agreement. To verify this statement, we can gather information from real estate or rental agencies, financial websites, or consult with professionals such as lenders or credit experts.
2. Store credit is almost always interest-free.
Determining the validity of this statement requires an understanding of store credit terms. Store credit refers to credit accounts offered by specific retailers, allowing customers to make purchases and pay the balance over time. While some store credit offers may indeed be interest-free for a promotional period, it is crucial to read the terms and conditions. Interest may be charged after a certain time frame, or if the balance is not paid in full by the due date.
3. When calculating the total cost of a purchase, you can ignore any interest charges.
This statement suggests disregarding interest charges when calculating the total cost of a purchase. However, this is generally not accurate. Interest charges are additional costs associated with financing a purchase through loans, credit cards, or payment plans. To obtain the accurate total cost, it is essential to factor in any interest charges. These charges can be determined by reviewing loan or credit agreements, contacting financial institutions, or using online calculators.
4. Store credit cards usually have higher interest rates than regular credit cards.
To confirm the validity of this statement, one needs to compare interest rates between store credit cards and regular credit cards. Store credit cards are typically issued by specific retailers and can only be used in their stores or affiliated locations. On the other hand, regular credit cards are more widely accepted and issued by various financial institutions. It is generally perceived that store credit cards tend to have higher interest rates compared to regular credit cards. This can be verified by reviewing the terms and conditions of different credit cards, comparing interest rates, or consulting with financial experts.
To determine the true statement, it is advisable to conduct thorough research, consult reliable sources, review relevant agreements, and seek expert advice where necessary.