a three-digit number used by lenders to determine your risk level as a potential borrower. :: is a detailed list of all your credit lines and payment histories :: 35% of credit score- based on consistently paying bills and other obligations on time. :: 30% of credit score- based on the amount of credit available that is used 15% of credit score- based on how long you've held an account, so you should keep older accounts open :: 10% of credit score- based on having different types of credit. Installment accounts like mortgages and revolving accounts like credit cards 10% of credit score- based on applications for new credit or hard inquiries

a three-digit number used by lenders to determine your risk level as a potential borrower. :: is a detailed list of all your credit lines and payment histories :: 35% of credit score- based on consistently paying bills and other obligations on time. :: 30% of credit score- based on the amount of credit available that is used 15% of credit score- based on how long you've held an account, so you should keep older accounts open :: 10% of credit score- based on having different types of credit. Installment accounts like mortgages and revolving accounts like credit cards 10% of credit score- based on applications for new credit or hard inquiries

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You decided it is important to pay off some of your debt to help build your credit score. If you paid $1,307 interest on $45,000 at 4.0%, what was the time, using exact interest?
Part 2: Credit Cards Another type of personal loan is a credit card. A financial institution allows you to charge a purchase to your account, and you are required to pay the financial institution at a later time. As with other loans, credit cards charge interest. Interest rates can range from 3% - 22%. When you are paying for debt on a credit card, the financial institution will require a minimum balance be paid each month. The higher the interest rate that is charged on the credit card, the larger the minimum payment will be. You can use credit card payoff calculators such as the one in the following link to determine how much to pay each month and how long it will take to pay off a credit card. credit card calculator When using the credit card calculator, be certain that the monthly charges (new spending or borrowing) are set to 0. Part 2 Exercises: Assume you have answer the following questions. balance of $1,800 on a credit card. Use the credit card payoff calculator to a. If the…
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it’s your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round to the nearest cent)
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4. Interest Rate Oliver has the following outstanding balances: Balance ($) Form of Credit Bank Loan Credit Card A Credit Card B a. 6686.98 765.39 1028.14 7.2% compounded monthly 20.99% compounded daily 17.5% compounded daily Monthly Payment $300 Minimum payment of $50 Minimum payment of $30 Length to Pay off Use the last column to determine how long it will take for Oliver to pay of each balance if he pays the (minimum) monthly payment. Show relevant calculations below. b. Suppose Oliver consolidates his loan and credit card balance by using a line of credit to pay off each debt. The line of credit has an interest rate of 7.5%, compounded monthly. If Oliver makes payments of $380, how long will it take to be debt free? c. How much interest would he save by consolidating his debt?
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? Note: Round your answer to the nearest cent. 31-day billing cycle 10/1 10/3 Previous balance Credit $ 1,164 10/12 Charge: King Soopers $ 79 $ 148 Credit 10/15 Payment $ 310 Credit 10/25 Charge: Delta $ 321 10/30 Charge: Holiday Fun $ 61 Answer is complete but not entirely correct. Amount owed $ 1,097.56×
Would love the help. 11
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Amount Financed Number of Monthly Payments Payments Payment Made Rebate Fraction Charge Rebate $4,600 36 $163.33 32 +A $ Loan Payoff
3) Carlos and Rosa applied for the same credit card from the same bank. The bank checked both of their FICO scores. Carlos had an excellent Credit rating and Rosa had a poor credit rating. a. Carlos was given an APR of 10% while Rosa got a 18%. What are their monthly percentage rate? (Round to the nearest hundredth of a percent) b. If they both had an average daily balance of $1000 for a specific month, and had to pay a finance charge, who would pay more and by how much?
3. Brett and Andy applied for the same credit card from the same bank. The bank checked both of their FICO scores. Brett had an excellent rating, and Andy had a poor credit rating. a. Bret was given a card with an APR of 12.6%. What was his monthly percentage rate? b. Andy was given a card with an APR of 16.2%. What was his monthly percentage rate? c. If each of them had an average daily balance of $7,980, and had to pay a finance charge, how much more would Andy pay than Brett?
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $4,600 36 $166.33 31 $ $
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun Amount owed $84 cr. $143 $260 cr. $316 $56 Check my $ 1,159

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