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
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