REFLECTINGShould Jillconsider a paydayloan to purchasethe refrigerator?Explain.HintAPR means annualpercent rate.2. Jill is buying a new refrigerator. She cannot afford to paycash. Should she use a credit card or get a personal loan?Justify your answer.3. Liam, a taxi driver in Revelstoke,wants to buy a new taxi. He wasapproved for the loans in this chart.a) What should Liam think aboutwhen he chooses a loan?should Choose theLostFixedAPR payments for4 Apprenticeship and Workplace 11securedpersonal 5.5%loanauto loan7.5%b) Which loan should Liam choose? Explain why.4 yr6 yr4. Hannah says that using payday loans and cash advances oncredit cards are bad choices for borrowing money. Do youagree or disagree? Explain.NEL

Loans are taken when an individual needs fund to buy something or to meet some emergency like a…

REFLECTING Should Jill consider a payday loan to purchase the refrigerator? Explain. 2. Jill is buying a new refrigerator. She cannot afford to pay cash. Should she use a credit card or get a personal loan? Justify your answer. 4 has A C

REFLECTING Should Jill consider a payday loan to purchase the refrigerator? Explain. 2. Jill is buying a new refrigerator. She cannot afford to pay cash. Should she use a credit card or get a personal loan? Justify your answer. 4 has A C

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section: Chapter Questions

Problem 4FPC

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Instructions Answer the journal prompts according to the scenario below: Joe-Bob wants to buy a car and will need to take out a loan in order to make the purchase. His current monthly income is $3,500 per month. His mortgage payment is $900 per month, and his student loan payment is $350 per month. Note: You do not need to take taxes into consideration for this journal. According to the affordability formulas given, can he afford to take out another loan? • When should he follow the affordability formulas? In what cases should he not? • How could taking out the car loan impact his other priorities?