I need consumer math help!!!!!1. A house is used as for a loan (1point)a)an assetb)securityc)insuranced)collateral2.Most credit cards are debt. (1point)a)unsecuredb)securedc)collaterald)relaized3.You have a balance of $1,678.00 on a credit card with a 15.75% APR. How much intrest is accured if you pay nothing on the principal after 3 months?a)$22.02b)$66.07c)$264.29d)$88.104.you carry a balance of $2,065.00 on a credit card at a 17.25% APR for 5 months. How much is your total payment by the fifth month? (1point)a)$2,094.68b)$2,213.42c)$2,421.21,
Accepted Solution
A:
1. d) collateral
2. a) unsecured
3. The interest will be ((1 +.1575/12)^3 -1)*1678 ≈ 66.94. The 2nd selection is the best choice here: b) $66.07
4. The balance will be (1 +.1725/12)^5*2065 ≈ 2217.75. The 2nd selection is the best choice here: b) $2213.42
_____ The answer choices offered in your problems cannot be reproduced without incorrectly rounding interest values used in intermediate calculations.