What is Retirement Savings in Canada and what is its importance?

Q: How does the credit card company calculate the interest payment?

A: The credit card has been an important tool to increase the purchasing power. This facility has…

Q: Jenny wishes to double her financial fund and the bank gives her 8% rate of interest annually, how…

A: Here, Jenny deposited its money in a financial funds at the annual interest rate of 8% and she wants…

Q: Describe the process of Borrowing with Credit Cards?

A: The credit card has been an important tool to increase the purchasing power. This facility has…

Q: Why is it important to review your bank statement each month?

A: A bank statement refers to a type document that summarizes all of the transactions in a bank account…

Q: describe something you can do to increase your savings for retirement.

A: Retirement: It is the point of time where someone stops working.

Q: Short term savings and loans are part of what

A: Financial Market generally in an economy is characterized as – Money Market and Capital Market…

Q: Give reasons which you think are the most important reasons for saving regularly.

A: Savings refer to the amount of the funds that are kept by the individuals and are not invested in…

Q: What is the purpose of a retirement plan and why does the government provide tax benefits to…

A: The objective of a retirement plan is to provide financial stability so that people can retire from…

Q: Summarizes some of the interest formulas?

A: Simple interest = (P*R*T)/100 where, P : Principal amount            R : Rate of interest per annum…

Q: What is the cheapest loan?

A: A loan is the lending of money by an individual or a group to another individual or a firm, with an…

Q: Write the Elements of Transactions involving interest?

A: Interest is the payment that is made to the lender by the borrower of an amount in addition to the…

Q: Importance of saving money

A: Money: It refers to the cash which is available to the people. Money can be used for buying goods…

Q: How do credit cards contribute positively to the economy?

A: Credit cards originated in the second half of the twentieth century as an easy way of making a…

Q: Write the different loan terms?

A: A loan is when one or more people, organisations, or other institutions lend money to other persons,…

Q: The value of savings is $390 and income is $650 Calculate APS

A: The information given to us:- Savings of household = $390 Income of household = $650 We have to find…

Q: Explain the content and purpose of a credit report?

A: A credit report is a detailed summary of a person's credit history and financial behavior. It…

Q: What does the interest rate you determine represent?

A: The interest is a specific percentage of the principal amount that is lent, borrowed, or deposited…

Q: Do the credit card interest rates vary with creditworthiness? how?

A: Yes, the credit card interest rates vary with creditworthiness.  To set the interest rate on the…

Q: What is the Deferred Savings Plan?

A: A  deferred savings plan is a plan  which allows the taxpayer to pay money in  the plan and  then…

Q: What are the importances of retirement planning?

A: There are several merits to retirement plans, and they can aid you for secure and safe life without…

Q: Explain what is Principal Plus Interest?

A: Principal plus interest is that amount which is paid by the borrower to the lender after the agreed…

Q: What will the value of spending be if you had $1300 in savings and $2250 in income

A: Given,   Income (Y) = $2250Saving (S ) = $1300

Q: As a student, are you saving or borrowing? Why?

A: Disparities in income and expenditure encourage people to save or borrow. An individual who makes a…

Q: List the elements of Transactions involving Interest?

A: Interest is a charge made to a lender in addition to the principal by a borrower, and it is a…

Q: Bobby took out a single loan for $500 and paid a $50 fee. His loan is due in 1 week. Find the…

A: Here, given information is; Principal amount: $500 Interest amount: $50 Time period: 1 week To…

Q: A student loan with a simple annual interest rate of 2.5% must be paid back in ten years. A student…

A: Interest rate => 2.5% (simple annual interest) Time => 10 years Interest => P2000 Initial…

Q: What does the income statement summarize?

A: Income statement explains about the revenues and expenses so as to know the profit or loss…

Q: what is the difference between Credit and Consumer credit?

A: Introduction Credit is a types of arrangement to receive cash or any service which you can use in…