Personal Finance Essay

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Homework Assignment 4 FIN 202: Personal Finance D. Barber Professor Pogue 03/28/2013 Module 4 Homework I would recommend to my friend Steven Franklin to get the car checked out by professional to get an estimate on repairs. He must first see if it was equipment failure or installment failure. If it is in fact a malfunction of the stereo then I would have him call the company’s main office where they make the stereo to get them to pay for damages to the vehicle. I don’t think the company that he bought the stereo from would be liable. I would have him write or email the company with the problem to see if can get resolved that…show more content…
After the recession, and the mistakes the banks made, the process to get financed will be tight so a person’s credit would have to be really good and a good down payment. Lenders can determine from your gross wages and the interest rate what kind of monthly mortgage payment you could afford which then helps you to know what price of home you could afford. The larger the down payment and the lower the interest rate the larger price tag on a home you could look for. What is the purpose of an escrow account and what costs are typically included? An escrow account is a third party or lending institutions account that holds funds for transactions between two or more people. The funds will be release when the instructions given are executed. Why the escrow account is used is to hold monies used for the property taxes and homeowner’s insurance. The cost for the use of the service of an escrow account is typically built into the loan. What factors influence most people's buying decisions? Location, location, location and maybe for the ladies a large kitchen, nice bathrooms; and the guys a garage (a possible man cave or work shop) influence peoples buying decision. Other buying decisions are calculations, needs, values, and opportunity costs. What are the main sources of consumer information? The major sources of consumer information are personal contacts, business organizations,

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