Dallas needs a new refrigerator that costs $799. Which of the following payment methods should
Dallas use to pay for the refrigerator? Dallas wants to make sure there are sufficient funds to cover the purchases and minimize the interest, if any, that will be needed to pay for the purchases.
Method 1: He should use the debit card with a $600 balance.
Method 2: He should use the credit card with a $1,000 credit limit and a potential 5% interest on the purchases if the amount is not paid in full by the statement's due date.
Method 3: He should use a $799 payday loan with 7% interest. (1 point)
To ensure that there are sufficient funds and to minimize potential interest, Dallas should use
payment Method to make the purchase.
Dallas should use Method 1: the debit card with a $600 balance. This will ensure that there are sufficient funds to cover the purchase and there will be no interest charges since it is a debit card and not a credit card or a loan.
Financial Literacy Unit Test
Christian has been saving $170 monthly for college. The investment account set up for him has a 3.75% annual interest rate, compounded monthly.
If Christian invests $170 monthly over a 4-year period, he will have a total amount of $8,816.47. On average, the annual cost of a 2-year public institution in the 2020-2021 academic year is $3,900.
Would this be enough for Christian to cover the cost of 2 years at a 2-year public institution? If Christian were to save the money without gaining any interest, approximately how long would it take him to reach $8,816.47?
(1 point)
.
Answers:
No, $8,816.49 is not enough to cover the cost of 2 years at a 2-year public institution. Without earning interest, it would take Christian the same 4 years to save up $8,816.47.
Yes, $8,816.49 is enough to cover the cost of 2 years at a 2-year public institution. Without earning interest, it would take Christian the same 4 years to save up $8,816.47.
No, $8,816.49 is not enough to cover the cost of 2 years at a 2-year public institution. Without earning interest, it would take Christian approximately 4 years and 4 months to save up $8,816.47
Yes, $8,816.49 is enough to cover the cost of 2 years at a 2-year public institution. Without earning interest, it would take Christian approximately 4 years and 4 months to save up $8,816.47.
No, $8,816.49 is not enough to cover the cost of 2 years at a 2-year public institution. Without earning interest, it would take Christian approximately 4 years and 4 months to save up $8,816.47.
Alvin wants to become a hairdresser. He can save $250 a month for two years, and his family has promised to help him with the rest. His training will cost $9,500. How much will his tamily have to pay?
(1 point)
To determine how much Alvin's family will have to pay, we need to subtract the amount Alvin can save from the total cost of his training.
Amount Alvin can save in 2 years: $250 x 12 months x 2 years = $6,000
Amount Alvin's family will have to pay: $9,500 - $6,000 = $3,500
Therefore, Alvin's family will have to pay $3,500.
and eliminated this cost, how much could he save after 10 weeks? (1 point)
Jetterson stops by a fast-food restaurant for a $3.50 cheeseburger every day. It he only ate at home
If Jetterson stops eating at the fast-food restaurant and eliminates the cost of the $3.50 cheeseburger every day, we can calculate how much he could save after 10 weeks.
Number of days in 10 weeks: 10 weeks * 7 days/week = 70 days
Amount saved per day: $3.50
Total amount saved in 10 weeks: 70 days * $3.50/day = $245
Therefore, Jetterson could save $245 after 10 weeks if he stops eating at the fast-food restaurant and eliminates the cost of the cheeseburger.
and eliminated this cost, how much could he save after 10 weeks? (1 point)
Jetterson stops by a fast-food restaurant for a $3.50 cheeseburger every day. It he only ate at home
If Jetterson stops eating at the fast-food restaurant and eliminates the cost of the $3.50 cheeseburger every day, we can calculate how much he could save after 10 weeks.
Number of days in 10 weeks: 10 weeks * 7 days/week = 70 days
Amount saved per day: $3.50
Total amount saved in 10 weeks: 70 days * $3.50/day = $245
Therefore, Jetterson could save $245 after 10 weeks if he stops eating at the fast-food restaurant and eliminates the cost of the cheeseburger.