Applying for new credit can cost you 5 to 50 points on your credit score. True False

Q: An ideal credit card has a higher APR. No interest is charged on a cash advance. Credit limit…

A: A credit card is a plastic card issued by the banks or other financial institutions allowing the…

Q: Which of the following is true about credit card finance? a. All the options are wrong b. Credit…

A: There are various sources of finance

Q: Car loans and home loans that require monthly payments are sometimes referred to as installment…

A: An installment note is a formal legal document that outlines the terms of a loan repayment,…

Q: To increase Prepaid Insurance a credit entry is needed. Select one: O True False

A: Assets are the resources owned by company. It has debit balance. Example:- Cash, accounts…

Q: What is the  range of possible credit scores. Give examples of bad, average, excellent credit…

A: Credit reporting agencies determine the score(i.e credit score) of the individual. This score is…

Q: Loans backed by a simple promise to repay are known as _____ loans. open-end credit revolving credit…

A: Loans can be of various types and kinds. Some loans require them to be backed by a collateral while…

Q: True or False: It's possible to improve your credit score, even if you've made mistakes in the past.…

A: Credit score indicates the credit-worthiness of the borrower by assigning a number based on…

Q: Describe each of the different types of credit card rewards programs. Which one do you like best and…

A: Some credit card gives incentives to the cardholders in the form of  credit card rewards. Credit…

Q: Some credit repair companies have instant solutions to your credit problems. True O False

A: Credit repair companies are businesses that offer services to help consumers improve their credit.…

Q: Calculate the monthly payment for the indicated loan. You borrow $8000 at an APR of 3% and repay the…

A: Amount borrowed, pv $   8,000APR, rate3.00%No. of payments, nper36We can use PMT(rate, nper, pv)…

Q: Is the following statement true or false? Open-end loans are often called line-of-credit accounts. O…

A: A loan provided by a financial body to a borrower that has a pre-approved credit limit and can be…

Q: 1) Provide 5 tips for managing credit card debt with an explanation. 2) Write 1 paragraph describing…

A: Credit Card:-If one does not want to carry the amount then it can take a credit card which one can…

Q: Consumers should comparison shop for credit just as they would for any other consumer good or…

A: The objective of the question is to understand the relationship between a consumer's stage of the…

Q: What is the difference between a credit card and a debit card? O A credit card is loaned money, plus…

A: Debit card is the facility given by the banks to their customers so that they can withdraw cash from…

Q: Pay day loans are short term loans that you take out against future paychecks: The company advances…

A: Payday loans are short-term loans that can be used to cover emergency expenses or make ends meet in…

Q: When you borrow money from someone it is because you do not have enough to pay for something…

A: Time value of money refers to the concept that states that the money we have today is having more…

Q: True or false: An example of a soft inquiry would be a credit card company looking into your credit…

A:

Q: Which of the following is TRUE about Credit Score / FICO Score: Group of answer choices the lower…

A: What is credit score? It is a score that ranges from 300 to 850 and it represents the credit…

Q: Very poor credit is below 500. O True O False

A: A credit score is a measure of your creditworthiness which is presented in a numerical format. It…

Q: How can I manage keep my credit score high?

A: Credit Score: A credit score may be a range between 300–850 that depicts a consumer's…

Q: 1. which of the following life situations does not qualify you for a student loan deferment A. Long…

A: A student loan is a loan that helps students to pay their post-secondary education fees and other…

Q: If you are borrowing money to purchase a car, the loan agreement will likely include: Select an…

A: When you take a loan to buy a car then the concerned bank or financial institution will provide you…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: Which of the following wouldn’t save you money on your auto insurance premium? * a. Decrease your…

A: The ways where insurance premium can be saved 1. Bundling the insurance with other policies 2.…

Q: You have credit card debt amounting to RM50,000. The card charges you a 32% interest rate with…

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: Explain why a loan officer always looks at a credit report before making a loan. What should you do…

A: The credit report is a way of assessing the credit history of the person seeking loan. By looking at…

Q: All credit cards are not alike, nor are all spenders alike. When you are deciding which credit card…

A: The objective of the question is to determine the best credit card option for Larry, who is not a…

Q: What is a credit card’s grace period? A) it is the amount of time after a purchase and before it…

A: Introduction: The time between the end of the billing cycle and the payment due date is called the…

Q: A good credit rating would be based on all the following criteria EXCEPT whether you   a. have a…

A: Credit rating is a representation of a borrower's credit profile. a good credit rating indicates…

Q: Your FICO score is a commonly used measure of credit risk (see www myfico.com). A score of 850 is…

A: FICO Score:A person's creditworthiness is represented numerically by their FICO score, which is…

Q: They can help you afford a vehicle, but you risk losing the car if you miss payments. This type of…

A: There are different types of loans that can be issued by banks, but some specific loans can also be…

Q: When you borrow money to pay for goods and services, you are using what form of payment? Savings…

A: Payment means the transfer of money or goods and services in return or exchange of any product or…

Q: When a customer is delinquent on paying a notes receivable, your company has the option to continue…

A: Here in the questions, there are multiple sub-parts so we are doing the first three sub-parts  If…

Q: In order to buy a new car, you finance $18000 with no down payment for a term of five years at an…

A: The given details are:The initial loan of the car: $18,000APR: 5%Term: 5 years with monthly…

Q: 25. Potential buyer Sam wants to increase his credit score before applying for a mortgage loan. What…

A: Mortgage lenders will want to see if you can afford your mortgage before they lend you the money,…

Q: Cardholders who fail to make the minimum monthly payment on their credit card account are considered…

A: Credit cardholders are required to pay monthly due at the end of the billing cycle or on or before…

Q: Match the formula to the corresponding account to which it applies.

A: Future value refers to the value that an amount would assume at a future time period after…

Q: All of the following can hurt your credit score EXCEPT

A: Credit Score: It is a metric used to measure the ability of individuals to pay back the amount…

Q: You are considering taking out a 15-year loan versus a 30-year loan for a home. Explain what the…

A: Loans are based on the period and interest rate and based on that there are cost of financing and…

Q: What are the five Cs of credit? Explain why each is important?   2. What are some of the factors…

A: Credit refers to the situation where an individual or group of individuals or a company acquires…

Q: allows the bank clients to borrow money against a line of credit with a credit limit. a. Credit card…

A: When borrower can take money out as needed untill the limit is reached and as money is repaid it can…

Q: Question 7 Select the item that would be only a soft inquiry on your credit report. a car dealer…

A: Soft inquiry is the inquiry done by someone you give permission to check your credit history. It is…

Q: What is grace period? O The amount of time you have before your payment is due. O The amount of time…

A: Ans.  None of the above