# bobby borrowed $500 at 12 percent simple annual interest. he paid back $680 to pay off the loan. how many years did it take bobby to pay back the loan?

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## SOLUTION: Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

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## Chap 7 HW Flashcards

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## Chap 7 HW

38cards Economics

Macroeconomic Theory

Your bankcard has an APR of 18% and there is a 2% fee for cash advances. The bank starts charging interest on cash advances immediately. You get a cash advance of $600 on the first day of the month. You get your credit card bill at the end of the month. What is the total finance charge you will pay on this cash advance for the month? Assume each month has 30 days

**$21**Finance charge = [.02 x $600] + [(.18/12) x $600] = $21

The expensive loans are available from:

finance companies.

Which federal law, passed in 1969, requires creditors to state the cost of borrowing in common language?

Truth in Lending Act

If you borrow $100 at 10 percent simple annual interest and repay it in one lump-sum at the end of one year, you will repay:

**$110**Repayment = $100 + (.10 x $100) = $110

If creditors add finance charges after subtracting payments made during the billing period, this is called the:

adjusted balance method

If creditors give you no credit for payments made during the billing period, this is called the:

previous balance method

If you default on your automobile loan:

no advance notice is required before repossession.

If you receive a phone call from a debt collector:

expect follow-up written communication.

If you receive a phone call from a debt collector, he/she must send you a written notice within ____________ days.

5

This morning, you received a phone call regarding a debt you allegedly owe. If you dispute this debt, you must write to the debt collector and request verification of the obligation. How many days do you have to send this letter?

30

A few months ago, you sent a certified letter to a debt collector and requested verification of a debt the collector says you owe. You know the letter was received by the collector but you have received no response to your request. Today, you received a letter threatening court action. What should you do?

insist that communications about the debt cease

The CCCS aids families by:

setting up a budget for them.

Which form of bankruptcy allows a debtor with a regular income to extinguish his or her debts from future earnings or other property over a period of time?

Chapter 13

In a Chapter 7 bankruptcy, debtor:

is required to draw up a petition listing all assets and liabilities.

Chuck Spencer wants to borrow money for three years to purchase a new car. He has been offered a seven percent fixed rate loan and also a variable rate loan that has an initial rate of five percent. By choosing the variable rate loan, Chuck is reducing the lender's risk by:

sharing the interest rate risk.

Anthony Newton wants to buy a new sail boat. He makes a down payment of $10,000 which represents 20% of the value of the sail boat he is purchasing. In which way is Anthony reducing his lender's risk:

He is taking a larger stake in the asset he is purchasing.

Jerrod Dean starts the month with a balance on his credit card of $1,000. On the 10th day of the month, he purchases $200 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $500. The bank charges 1.5 percent interest per month using the adjusted balance method. What would Jerrod's finance charges be for the month?

**$7.50**

Interest = .015 x ($1,000 - $500) = $7.50

Gary Simpson notices that his neighbor has a brand new Ford F150 truck parked in the driveway. Even though his current car is fine, Gary decides that he needs a new car and goes out and purchases a Hummer with a six-year loan. Which one of the answers best explains Gary's spending?

keeping up with the Joneses

Dave borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service charge. What is the finance charge on this loan?

**$55**$50 + 5 = $55

Dave borrowed $500 on January 1, 2006. The bank charged him a $5 service charge and interest was $50. He paid the $500 in 12 equal monthly payments, what was the APR?

**20.3%**

$50 + $5 = $55

APR = 2 × 12 × $55 = $ 1,320 $500 (12+1) $6,500

Bobby is trying to decide between two credit cards. One has no annual fee and an 18 percent interest rate, and the other has a $40 annual fee and an 8.9 percent interest rate.

**(a)**If Bobby pays his credit card balance in full each month, which card should he choose?

**He should select the card without the annual fee.**

Since Bobby will not incur any interest charges, he should select the card without the annual fee.

Bobby is trying to decide between two credit cards. One has no annual fee and an 18 percent interest rate, and the other has a $40 annual fee and an 8.9 percent interest rate.

**(b)**If Bobby just pays the minimum payment and carries a balance from one month to the next, which card should he choose?

**He should most likely select the card with the lowest interest rate.**Since Bobby will incur interest charges, he should most likely select the card with the lowest interest rate.

Sidney took a $200 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee on the amount borrowed and offers no grace period on cash advances. Sidney paid the balance in full when the bill arrived.

## Simple Interest Quiz Flashcards

Study with Quizlet and memorize flashcards terms like LaShea would like to invest her $100 in birthday money. Which option will give her the most money at the end of the investment period?, Constance will put $500 in a savings account. Which option should she choose so that she will have the most money?, Jon invests $4,100 into an account that pays 5 percent simple interest each year. What is the total balance in the account after 3 years? and more.

## Simple Interest Quiz

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LaShea would like to invest her $100 in birthday money. Which option will give her the most money at the end of the investment period?

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2 years at 6.5 percent

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Constance will put $500 in a savings account. Which option should she choose so that she will have the most money?

Click card to see definition 👆

2 years at 7 percent

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### Terms in this set (10)

LaShea would like to invest her $100 in birthday money. Which option will give her the most money at the end of the investment period?

2 years at 6.5 percent

Constance will put $500 in a savings account. Which option should she choose so that she will have the most money?

2 years at 7 percent

Jon invests $4,100 into an account that pays 5 percent simple interest each year. What is the total balance in the account after 3 years?

$4,715.00

What is the simple interest that is missing from the table? Use the formula I=prt.

$24.75

Maggie is considering two investments.

Which investment will be worth more at the end of the investment period?

Investment A will be worth more because the total of the principal and the interest earned for investment A is greater than the same total for investment B.

The following information is known about a loan.

Time = 7 years Interest rate = 6% Interest = $840.00

What was the principal on the loan?

$2,000.00

Mara found the length of time of an investment. The principal of the investment was $4,300, the interest rate was 6.2 percent, and the interest was $2,666. Mara made an error in her work.

What was Mara's error?

Mara did not divide correctly.

Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

3

The following information is known about a loan.

Time = 8 years Interest rate = 14% Principal = $1,010

What is the total amount of simple interest that is earned?

$1,131.20

Which term is a word for a fee that is paid for the use of another person's money?

interest

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### Verified questions

ACCOUNTING

On January 1, 2018, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at$500,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018.

Verified answer ACCOUNTING

Calculate Gianni‘s operating income in both 2016 and 2017. 2. Calculate the growth, price-recovery, and productivity components that explain the change in operating income from 2016 to 2017. 3. Comment on your answers in requirement 2. What does each of these components indicate? Reference: Strategy, balanced scorecard, merchandising operating. Gianni & Sons buys T-shirts in bulk, applies its own trendsetting silk-screen designs, and then sells the T-shirts to a number of retailers. Gianni wants to be known for its trendsetting designs, and it wants every teenager to be seen in a distinctive Gianni T-shirt. Gianni presents the following data for its first two years of operations, 2016 and 2017.

\begin{matrix} \text{} & \text{2016} & \text{2017}\\ \text{Number of T-shirts purchased} & \text{215,000} & \text{245,000}\\ \text{Number of T-shirts discarded} & \text{15,000} & \text{20,000}\\ \text{Number od T-shirts sold (row 1- row 2)} & \text{200,000} & \text{225,000}\\ \text{Average selling price} & \text{\$30.00} & \text{\$31.00}\\ \text{Average cost per T-shirt} & \text{\$15.00} & \text{\$13.00}\\ \text{Administrative capacity (number of customers)} & \text{4500} & \text{4,250}\\ \text{Administrative costs} & \text{\$1,633.500} & \text{\$1,539.750}\\ \text{Administrative cost per customer (row 7 - row 6)} & \text{\$363} & \text{\$375}\\ \end{matrix}

Number of T-shirts purchased

Number of T-shirts discarded

Number od T-shirts sold (row 1- row 2)

Average selling price

Average cost per T-shirt

Administrative capacity (number of customers)

Administrative costs

Administrative cost per customer (row 7 - row 6)

2016 215,000 15,000

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