FIN 202 FIN202 Module 3 Homework Solution (AAU Online)

FIN 202 FIN202 Module 3 Homework Solution (AAU Online)

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PART I

1.Define consumer credit and explain its advantages and disadvantages.

2.What are the two general rules of measuring credit capacity?

4.What are two key concepts to keep in mind as you shop for credit?

5.Explain the Rule of 78s.

6.Explain choices available in declaring bankruptcy.

7.What are the two basic types of credit?  Give examples of both.

8.What are the three most common types of closed-end credit?

9.What is revolving check credit?

10.How can you protect yourself against debit/credit card fraud?

11.What are a few things to consider before you cosign a loan?

12.In what ways can you lower the risk to your lender in order to reduce your borrowing costs?

13.Explain the concept of “float.”

14.Explain simple interest.

15.What can you do if you are unable to meet your credit obligations?

16.In open-end credit, what are the various systems creditors use to calculate the balance on which they assess finance charges?

17.What are the various methods used to calculate interest?

PART II

 

Progress Problem (continuation from Module 2)

Obtaining Credit (p. 210)

1.Given her current situation, list some suggestions on how Shelby can reduce her credit card debt.

2.What is the best way for Shelby and Mark to become more aware of the effect of credit card debt on their current and long-term financial situation?


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