Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Chapter 6, Problem 1FPE
Summary Introduction
To discuss: A plan for Person H that can be used to establish a strong credit history and the impact of student loan on the credit history.
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Based on the information above should Billy open a checking account or a savings account? Explain your choice by citing at least 2 benefits of the account type you chose and why those benefits are a good fit for Billy's current situtation.
Chapter 6 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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- Many credit cards offer features that are tailored to users' preferences and lifestyles. In the following situations, identify which credit card is a good choice to achieve the user's goal. Special Bank Credit Cards for Different Lifestyles and Preferences Beth has a history of charging a lot on her credit card and doesn't carry a high monthly balance. Beth loves cars and plans to trade in her cars every two years, if not more often, for new ones. Which credit card is the best choice? 0 0 A reward card with an automobile rebate program A secured card Any affinity card Why is that card the best choice? O Beth's low monthly balances will protect her collateral. O The high-charge volume will provide funding for Beth's favorite political organization. The high-charge volume will provide points to use toward supporting Beth's relatively expensive plans. It is January and Eleanor just realized that she forgot to make her annual contribution to her favorite charity. She wants to make sure she…arrow_forwardYour older sister, Anna is trying to figure out how she's going to pay for college in theFall. Anna is going over her options with you one night and she narrows it down toeither putting her college education on your parents’ credit card or taking out astudent loan. Which one would you suggest and why?Anna then tells you a story about her friend, Chad. Chad has a Target credit card thathe opened a few months ago. The other day he tried to use his credit card to buypopcorn at the movies, but it was denied. Explain to your sister why this happened.arrow_forwardSuppose you are working in a bank that encourages customers to save money for their future. Your bank manager requested you to form a team and formulate a slogan to be used for this savings campaign. Write a short phrase or slogan to persuade people to open a savings account in the bank where you work.arrow_forward
- G.325.arrow_forwardII. Case Application. Answer the following situations by applying what you have learned from the previous discussions. A customer says, "Insurance is a waste of money. If and when I suffer a financial loss because of an accident or some other event, I can pay for it from my savings account." As an insurance agent your primary goal is to change this kind of mindset, how would you persuade this person to purchase insurance? Design a strategy. At 30, Alyssa Valdez invested P50,000 in a time deposit which earns 3% per annum. With the same interest rate, how much would her earnings be at age 35 if she reinvests the interest with the principal. Show your solutionarrow_forwardShould 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?arrow_forward
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