A student wants to purchase a new bicycle that costs $350. They have $150 in cash, a $50 gift card, and a credit card with a $500 limit. Identify the payment method that can cover the cost of the new bike. (1 point)
• cash
• gift card
• credit card
• None of the payment methods will cover the cost of the new bicycle.
The payment method that can cover the cost of the new bicycle is a credit card, as the student has a credit card with a $500 limit.
Mr. Smith wants to buy a new dining room table that costs $1,500. He has $2,000 in cash, a $500 gift card, and a credit card with a $1,000 limit. Identify the payment method that can cover the cost of the new table. (1 point)
• credit card
• Any of the three payment methods mentioned can cover the cost of the table.
• cash
• gift card
The payment method that can cover the cost of the new table is cash, as Mr. Smith has $2,000 in cash which is more than the $1,500 cost of the table.
Ishaan wants to purchase a new TV for his family. The TV costs $999. He currently has $100 in cash, $500 on his debit card, and a credit card with a $300 limit. Identify the payment method that can cover the cost of the new TV.
(1 point)
• Any of the payment methods is enough to cover the cost of the new TV.
• None of the payment methods is enough to cover the cost of the new TV.
O credit card
• debit card
None of the payment methods is enough to cover the cost of the new TV.
To have a smoothie with breakfast more regularly, Jordan decides to buy a new blender that cost $59. Jordan can pay with cash, by debit card, or by credit card. Compare and contrast the payment methods Jordan. must choose among. Decide which one will help Jordan avoid paying potential fees or interest on the purchase. (1 point)
• credit card
• cash
• debit card
• Jordan can use any of the three payment methods without worrying about paying potential fees or interest.
To avoid paying potential fees or interest on the purchase of the blender, Jordan should use cash. When paying with cash, there are no additional charges or interest fees associated with the transaction. Debit cards typically deduct the purchase amount directly from the linked bank account, so there are usually no fees or interest as well. However, credit cards may involve fees and interest if the balance is not paid off in full by the due date. Therefore, cash or debit card would be the best option to avoid potential fees or interest.
To start training at home, Julian purchases a pre-owned set of weights. The sellers priced it at $49 but mentioned that there will be a $5 discount if the buyer pays with cash. How should Julian pay for the weights to get it at the best value? (1 point)
• Julian should pay by check to be able to keep a record of the purchase.
• Julian should pay with a credit card to be able to easily trace the payment.
• Julian should pay with a debit card to avoid potential interest charged on the purchase.
Julian should pay with cash.