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%24 MY COURSES MENO PARENTS STAFF ADMIN Randall's refrigerator stopped working and he needs a new one right away. He found a highly rated refrigerator that will fit his needs for $1,800. He has $500 in savings and can afford up to $125 more per month in his budget. He is concerned about using up his savings and not having any emergency money. He is also worried abut pushing his monthly budget to the limit. Randall's credit card has an APR of 18% and would require a minimum monthly payment of $40 for this purchase. Help Randall consider his options and make a smart decision. • Option 1: Don't use savings and pay the minimum $40 per month. • Option 2: Don't use savings and pay $125 per month. • Option 3: Use the $500 savings and pay the minimum $40 per month. • Option 4: Use the $500 savings and pay $125 per month. Option 1 Option 2 Option 3 Option 4 Initial Balance $1,800 $1,800 $1,800 - $500 = $1,300 $1,800 $500 = $1,300 Monthly Payment $40 $125 $40 $125 75 months = 18 months = 45 months = 12 months = Time to Pay Off + year(s) : year(s) + year(s) + year(s) Total Paid $3,020 $2,043 $2,296 $1,924 Interest Paid $4 $4 24 $4

%24 MY COURSES MENO PARENTS STAFF ADMIN Randall's refrigerator stopped working and he needs a new one right away. He found a highly rated refrigerator that will fit his needs for $1,800. He has $500 in savings and can afford up to $125 more per month in his budget. He is concerned about using up his savings and not having any emergency money. He is also worried abut pushing his monthly budget to the limit. Randall's credit card has an APR of 18% and would require a minimum monthly payment of $40 for this purchase. Help Randall consider his options and make a smart decision. • Option 1: Don't use savings and pay the minimum $40 per month. • Option 2: Don't use savings and pay $125 per month. • Option 3: Use the $500 savings and pay the minimum $40 per month. • Option 4: Use the $500 savings and pay $125 per month. Option 1 Option 2 Option 3 Option 4 Initial Balance $1,800 $1,800 $1,800 - $500 = $1,300 $1,800 $500 = $1,300 Monthly Payment $40 $125 $40 $125 75 months = 18 months = 45 months = 12 months = Time to Pay Off + year(s) : year(s) + year(s) + year(s) Total Paid $3,020 $2,043 $2,296 $1,924 Interest Paid $4 $4 24 $4

Elementary Algebra
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter6: Polynomials
Section6.2: Use Multiplication Properties Of Exponents
Problem 168E: Depreciation Once a new car is driven away from the dealer, it begins to lose value. Each year, a...
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Randall has turned to you for advice. Which option do you suggest, or do you have a different option in mind? Be sure to explain to Randall why you think he should choose the option you suggest. Remember, Randall is concerned about not having any money for emergencies and pushing his monthly budget to the limit. </> I U T: Option you suggest: Reasoning:
Transcribed Image Text:Randall has turned to you for advice. Which option do you suggest, or do you have a different option in mind? Be sure to explain to Randall why you think he should choose the option you suggest. Remember, Randall is concerned about not having any money for emergencies and pushing his monthly budget to the limit. </> I U T: Option you suggest: Reasoning:
%24 %24 %24 %24 MY COURSES MENU STODENI LIPE PARENTS STAFF ADMIN Randall's refrigerator stopped working and he needs a new one right away. He found a highly rated refrigerator that will fit his needs for $1,800. He has $500 in savings and can afford up to $125 more per month in his budget. He is concerned about using up his savings and not having any emergency money. He is also worried about pushing his monthly budget to the limit. Randall's credit card has an APR of 18% and would require a minimum monthly payment of $40 for this purchase. Help Randall consider his options and make a smart decision. • Option 1: Don't use savings and pay the minimum $40 per month. • Option 2: Don't use savings and pay $125 per month. • Option 3: Use the $500 savings and pay the minimum $40 per month. • Option 4: Use the $500 savings and pay $125 per month. Option 1 Option 2 Option 3 Option 4 Initial Balance $1,800 $1,800 $1,800 $500 = $1,300 $1,800 - $500 = $1,300 %3D Monthly Payment $40 $125 $40 $125 75 months = 18 months = 45 months = 12 months = %3D Time to Pay Off + year(s) e year(s) + year(s) + year(s) Total Paid $3,020 $2,043 $2,296 $1,924 Interest Paid
Transcribed Image Text:%24 %24 %24 %24 MY COURSES MENU STODENI LIPE PARENTS STAFF ADMIN Randall's refrigerator stopped working and he needs a new one right away. He found a highly rated refrigerator that will fit his needs for $1,800. He has $500 in savings and can afford up to $125 more per month in his budget. He is concerned about using up his savings and not having any emergency money. He is also worried about pushing his monthly budget to the limit. Randall's credit card has an APR of 18% and would require a minimum monthly payment of $40 for this purchase. Help Randall consider his options and make a smart decision. • Option 1: Don't use savings and pay the minimum $40 per month. • Option 2: Don't use savings and pay $125 per month. • Option 3: Use the $500 savings and pay the minimum $40 per month. • Option 4: Use the $500 savings and pay $125 per month. Option 1 Option 2 Option 3 Option 4 Initial Balance $1,800 $1,800 $1,800 $500 = $1,300 $1,800 - $500 = $1,300 %3D Monthly Payment $40 $125 $40 $125 75 months = 18 months = 45 months = 12 months = %3D Time to Pay Off + year(s) e year(s) + year(s) + year(s) Total Paid $3,020 $2,043 $2,296 $1,924 Interest Paid
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