Author Question: Lee is planning to buy furniture worth $7000 from Leons. He can buy on his MasterCard and pay it ... (Read 97 times)

fnuegbu · **on:** Jun 6, 2019

Question 1

Zahid purchased a large-screen TV at a local store in December, that had advertised, "No payment for 6 months." Amount to be paid after 6 months is $1495 plus HST (13%) plus an administration fee of $79. If money is worth 2.5%, what is the actual cost of the TV to Zahid on the day of the purchase?
◦ $1476.54
◦ $1554.57
◦ $1790.45
◦ $1768.35
◦ $1746.52

Question 2

Lee is planning to buy furniture worth $7000 from Leons. He can buy on his MasterCard and pay it within 7 days following the grace period of 21 days. His second option is to buy on the personal (unsecured) line of credit and pay it back after 6 months. His third option is to use secured line of credit and pay it back in 9 months. MasterCard charges an interest rate of 19.9%. Unsecured line of credit charges a rate of prime (3%) plus 3% and secured line of credit charges a rate of prime plus 0.5%. What is his best option?
◦ MasterCard
◦ Either secured or unsecured line of credit.
◦ Secured line of credit
◦ Unsecured line of credit
◦ All options are the same

ghepp · **Reply #1 on:** Jun 6, 2019

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 44% of students answer this correctly