Judy is a 16-years old who just got her first job. She wants a credit card or debit card to spend money she will be earning. Judy’s parents worry about her spending money she doesn’t own, and don’t want her to accrue heavy interest. Which type of card should she get. a) Credit card with no fee b) A debit card
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- Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…
- Jeff and his girlfriend Amy want to go on a shopping spree for her birthday, however, neither one of them had any money for this adventure. They both agreed that Jeff would go over to his father’s condo and take his credit card to fund this birthday celebration. Jeff went over to his father’s while his father was out, entered, and took one of his credit cards. Once they obtained the card the first stop on this journey was to a local jewelry store where they bought a 15-carat diamond ring for her worth $5,000 and a diamond-encrusted watch for him valued at $2,500 using the credit card. They then went to the coach store where they purchased a handbag and matching wallet for Amy for $4,500 using the credit card. They then had lunch where they spent $60 again paying for it with the credit card. They then went to a local liquor store where Jeff purchased two bottles of wine valued at $75 each. He paid for it with a personal check with the knowledge that he did not have sufficient funds in…Jesse has a good job and pays off his one credit card every month. He was surprised that when he applied for a loan to buy a car, he was rejected. What are the steps that he should take to check his credit report for errors?How can he resolve any errors that he discovers?Felipe and Lucia Ramirez are a newly married couple in their mid-20s. Conrad is a senior at a state university and expects to graduate in the summer of 2015. Lucia graduated last spring with a degree in marketing and recently started working as a sales rep for the Momentum Systems Corporation. She supports both of them on her monthly salary of $4,250 after taxes. The Ramirez’s currently pay all their expenses by cash or check. They would, however, like to use a bank credit card for some of their transactions. Because neither Felipe nor Lucia knows how to apply for a credit card, they approach you for help. Critical Thinking Questions Advise the couple on how to fill out a credit application. Explain to them the procedure that the bank will probably follow in processing their application. Tell them about credit scoring and how the bank will arrive at a credit decision. What kind of advice would you offer the Ramirez family on the “correct” use of their card? What would you tell them…
- Dimi wants to start up his own business. Unfortunately, he doesn’t have a lot of money. That’s why his bank is offering him a credit cards on December 1, 2015. This allows him to spend money and only pay it back when it suits him. On January 1, 2016 Dimi spends 3,000 and then on April 1, 2017 another 5,000 euros. On January 1, 2018, he spends 150 euros every month during one year. Off course a credit card is not cheap. Dimi will need to pay an annual effective interest rate of 3.2% for the first 12 months and an annual effective interest rate of 16.8% for the period after. What does Dimi need to repay the credit card company on December 1, 2018? (I will send you another question that related to this answered after you provide the solution) please answer in paper its easy to understandthat explains why Tim does or does not have enough money to pay $200 each month on his credit card. If he does have enough, give him some advice as to whether or not paying $200 each month on his credit card is a good idea. If he does not have enough, give him some advice about what he should do instead. Assume all of his taxes And expenses are as listed in #1-3, and assume that he is 20 years old and is wanting to retire at age 65. Tim will pay 5,812.5 for federal taxes 2,544.8 is the amount Tim takes home each month. Total monthly expenses= $2,15Jamie Lee Jackson, age 27, full-time student and part-time bakery employee, has just moved into a bungalow-style, unfurnished home of her own. The house is only a one-bedroom, but the rent is manageable and has plenty of room for Jamie Lee. She decided to give notice to her roommate that she would be leaving the apartment and the shared expenses after the incident with the stolen checkbook and credit cards a few weeks back. Jamie had to dip in to her emergency savings account to help cover the deposit and moving expenses, as she had not planned to move out of the apartment and be on her own this soon. Jamie is in need of a few appliances, as there is a small laundry room, but no washer or dryer, nor is there a refrigerator in the kitchen. She will also need a living room set and a television because the only furniture she currently has is a bedroom suite. Jamie is so excited to finally have the say in how she will furnish the bungalow, and she began shopping for her home as soon as the…
- DeWayne has two credit cards, which he uses to pay for everything. DeWayne does not check his credit card statements regularly, so sometimes, such as when a machine at a store malfunctions, he is charged twice for the same purchase. DeWayne makes sure that he pays the minimum payment on each credit card, but most of the time he does not have enough money to pay more than the minimum payment. Recently, something has happened so that DeWayne cannot even pay the minimum payments on his credit cards. DeWayne has stopped making payments for his mortgage (a loan used to buy a house) because he does not have enough money. He is worried because he doesn't have any investments or large savings accounts. On a rainy Wednesday, DeWayne receives a phone call from the bank. He is in debt. Use the list "How to get out of debt" to make five different suggestions to help DeWayne deal with his debt.Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting for her scholarship to arrive. After Rochelle filled out the loan application, the loan officer at the bank asked her if she would like to pay the interest up front or at the maturity of the note. He went on to explain that it didn’t make a difference, but he preferred that she pay it up front because it would make his paperwork easier. He also told Rochelle that the interest rate and amount would be the same. Rochelle agreed, signed the three-month, 8%, discounted note and left with a check for $2,940. Did the loan officer offer Rochelle an acceptable explanation of the interest rate? Justify your answer. What is the effective rate of interest on Rochelle’s loan? Round to the nearest tenth of a percent.Goerge Edward and his 80 year old mother, Elizabeth Edwards, who he lives next door to, both have bank accounts at the First National Bank of (Your Jurisdiction) Limited. George manages his mother's finances since it is difficult for her to physically go to the Bank to complete transactions (such as pay utility bills) and she is not technologically savvy. He is her only son and she has one daughter, Natalia Charles. On Monday 29th August, 2022, George went to the FNB to obtain a bank draft (cheque). One of the Bank's workers asked him about his mother and whether she was able to purchase the property that she requested the bank draft for. George became furious. He did not know about the bank draft nor about the plan to purchase any property. He tells them that everyone knows that his mother has Alzheimer's disease. He demands to know the details of what transpired and the bank worker tells him that his mother was brought in by Michael Charles, who took custody of the bank draft after…