Marshall-• Graduated college two years ago, and now lives a solidly middle-income lifestylePaying his student loans, rent, and all of his other expenses on-time• Has 6 credit cards open already, each of which he signed up for because of introductoryperks like 0% interest for the first year, free airline miles, and 20% off his first month'spurchases at his favorite storePays his full balance each month and stops using the card once the initial featuresexpire.• Wants to open a 7th card that's offering free one-way flights to the Caribbean; hasenough money saved to pay for the return flight and other aspects of the vacation●● 1. Do you recommend this person open a credit card account? Why or why not?2. If they do open the new credit card account, what's one thing this individual should monitoror use caution?

Credit cards are a type of payment card that allow individuals to borrow money up to a certain…

Answered: Marshall- • Graduated college two years…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6. Jake and Archie are looking for places to live. Jake decides to rent a house for $1400 . Archie buys a house for $189 900, with a down payment of 10%. The bank has offered Archie a 20-year mortgage for the remainder of the cost, at 4% compounded semi-annually, with payments every two weeks. Jake and Archie both move after 5 years. Archie's house has depreciated by 2% per year. Compare Jake's and Archie's housing costs. per month.
Bob has saved $555 each month for the last 3 years to make a down payment on a house. The account earned an interest rate of .38 percent per month. How much money is in Bob's account? Multiple Choice: $21,367.73 $20,904.94 $20,630.91 $19,980.00 $20,438.70
Joe just graduated from college and has found a nice job. As a graduation gift his father gave him &5,000 as seed money for a down payment for a condominium that Joe plans to purchase in three years. Joe wants to invest his $5,000 into a savings account that gives him the best rate. Bank A has an interest rate of 6.02% compounded quarterly. Bank B has an interest rate of 6% compounded monthly. Which bank's savings account should Joe go with so that he can earn the most money at the end of the three years?
When you were born, your grandparents put $5,000 in to a money market account to help with your college education. The bank gave them a guaranteed interest rate of 6% per year until you turned 18. How much money will be in the account on your 18th birthday if you never withdraw any money until that day? $11,417.20 $54,138.00 $1751.50 $14,271.50
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Rich is attending a 4 year college as a freshman he was approved for a 10 year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 he also knows that during this non payment time interest will accure at 4.29 suppose rich only paid the interest during his 4 years in school and the six months grace period what will he now pay in interest over the term of his loan
Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor?
Howard owns a small electronics repair shop. He wants to borrow $10,000 now and repay it over the next 1 or 2 years. He believes that new diagnostic test equipment will allow him to work on a wider variety of electronic items and increase his annual revenue. Howard received 2-year repayment options from banks A and B. Amount to pay $ per year Amount to pay $ per year Year Bank A Bank B 1 5,378.05 5000.00 2 5,378.05 5755.00 Total Paid 10,756.10 10755.00 During a family conversation, Howard’s brother-in-law offered to lend him the $10,000 now and take $10,600 after exactly 1 year. Now Howard has three options and wonders which one to take. Which one is economically the best?
Solve B.
William has $1,250 in his savings account and $150 in his bank account. His car payment is $420, and his mortgage is $1,150. Both are due today. He just spent $125 on groceries for the month. He wants to go on Spring Break vacation with his buddies, which will cost him $97. What is his Current Ratio? Please don't provide answer in image format thank you
1. Prior to starting college, Rita Rivera's parents deposited $15,000 in a 5-year certificate of deposit (CD) at Liberty Bank that pays 4% interest. Rita will receive the money, plus interest, if she completes her bachelor's degree at the end of the 5 years. Determine the balance in Rita's account after 5 years.

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