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Could someone please check my answers?


Secured

Credit APR

Excellent 4.75%

Good 5.00%

Average 5.85%

Fair 6.40%

Poor 7.50%

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Unsecured

Credit APR

Excellent 5.50%

Good 5.90%

Average 6.75%

Fair 7.25%

Poor 8.40%

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12. You are purchasing a car for $12,465.00 plus 5.65% sales tax. You make a $1,300.00 down payment and have a fair credit score. How much interest is due at the end of the first month? 63.30



13. If you improved your credit score to good and paid $1,500 on your purchase from question 12, how much interest could you save in the first month? 14.68



14. You have a credit card that has a balance of $3,489.90 and a credit limit of $5,000. How much is the balance over the acceptable debt ratio percentage? 69.7%


15. Using the credit card from question 14, if y

Respuesta :

sqdancefan
12. The interest due will be
  I = Prt = (1.0565·$12,465.00-1300.00)·0.064·(1/12) = $63.30 . . . . correct

13. The interest due will be
  I = Prt = (1.0565·$12,465.00-1500.00)·0.05·(1/12) = $48.62
Then your savings is $63.30 -48.62 = $14.68 . . . . correct

14. The balance is 3489.90/5000.00 ≈ 69.8% of the card's credit limit. We do not know the "acceptable debt ratio percentage", so we cannot answer how much over that ratio this balance might be. (Usually such a debt ratio would be the ratio of total debt to income. Knowing just the credit card debt is insufficient information.)

15. [no question]

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