Q4W5 Economics

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How long has the driver been licensed?

5 years

The _____ require lenders to disclose the monthly interest rates and the method they use to calculate finance charges.

Truth in Lending Laws

Do you need room to transport a large group of people, or do you need room for only two or four people?

Two or four people

Which account has Maria been late in paying? How late was she?

University Bank, 30 days late

What is the difference between the cost to insure an economy car versus a sports car?

Very big difference

Under what circumstances can you make changes to the apartment, such as painting a room or changing the locks?

With written permission from the Landlord

Which part of the resume should include part-time and summer jobs?

Work History

Can you hang pictures on the wall of this apartment?

Yes, with small nails

According to this report, how much total debt does Maria Hill carry?

$10,602

Which part of Dream University's offer is better?

$3,000 scholarship

How much does each university expect your family to contribute toward the cost of your education?

$5,000

After five years, how much greater would that original $3,000 debt be?

$6,863

Installment loans have a fixed number of payments and are often used for large purchases, such as a car. How much money has Maria borrowed in installment loans?

$8,205

How much would your $3,000 have earned in the stock market after 10 years?

$9,317

How old is the driver?

21

How many miles per year will the car be driven?

30,000

Which of the following do not need to be repaid?

Federal Pell Grant, Federal Supplemental Educational Opportunity Grant

Which of the following forms of financial aid are offered only to students who have the greatest need?

Federal Supplemental Educational Opportunity Grant

A co-signer is a person with good credit who guarantees that a loan will be paid if the original borrower is unable to make payments. Which loan did Maria have a co-signer on? How much debt will the co-signer have to pay off if Maria is unable to?

First City Bank, $3,217

Overall, which financial aid offer do you think is better?

Great State University, because it is cheaper overall, which means you'll have to take out less loans than if you went to Dream University.

Which part of the resume tells a potential employer how to contact you?

Heading

After comparing the vehicles in the chart, which one would you buy?

Honda Civic

Suppose you graduated from college six months ago, and you just received a letter from a lender telling you that it is time to begin paying back your student loan. What kind of loan did you have?

subsidized loan

Why do you think there is a difference?

Auto insurance is more expensive for sports cardrivers because they are statistically more likely to drive faster and therefore cause accidents. Sports cars and higher-end make and models are at a higher risk of theft, which means comprehensive coverage is more expensive for owners of these types of vehicles.

Supposed you are Vice President of the Debate Club and a member of your school's basketball team. Where will you put this on your resume?

Affiliations/Interests

How will the car be driven--for commuting to school or for business?

Both

Which part of Great State University's offer is better?

Cheaper tuition cost, and $1,250 work-study job

Which account has Maria paid off? What was the largest balance she had on that account?

Morgans Dept. Store, $127

Choose three specific vehicles within your category that you particularly like. Include both the make and model.

Nissan Altima, Toyota Prius, Toyota Camry, Honda Civic

Do you need a large amount of cargo space?

No

Has the driver had any accidents or tickets in the last five years?

No

Suppose your old car has just broken down, and you won't be able to afford to fix it for months. Under the terms of this lease, can you leave the car on the street in front of your apartment?

No

Assume you want a job as an editorial assistant for a local magazine. In which part of your resume do you indicate this?

Objective

What can the landlord do if you abandon some of your property when you move out?

Deduct appropriate charges from your deposit

Which do you think is a wiser choice—investing in the stock market or paying off debt? Explain.

Paying off the debt, because the debt will ruin your credit score and keep piling on unless you address it.

If this apartment is too expensive, how could you make your housing costs more affordable?

Seek a roommate to split the cost with you

Now, decide which options you would like on your new vehicle.

anti-lock brakes, air conditioning, power locks, power steering, airbags

What type of driving do you do?

city, suburban, rural, long-ish trips (down the hill)

If you use your car as _____ (property used to secure a loan), and you do not pay the loan back, the creditor has the right to repossess your car.

collateral

Now go back through the reasons you listed in Question I. Find the three most important points and write them in the spaces below. These are probably the things that you will use your vehicle for most of the time.

commuting to school, to the store, pulling a trailer, and going to my friend's house

What are all your reasons for buying a car?

commuting to work, to school, to the store, to a friend's house, etc without needing to take up my parent's time

When a bank extends you _____, it allows you to borrow money and pay it back later with interest.

credit

The kind of organization that maintains a record of your past borrowing and bill-paying habits is a _____.

credit bureau

Creditors use your ability to repay debt and your history of borrowing and repayment to give you a _____, which is their evaluation of your credit worthiness.

credit rating

Which major vehicle categories do you have left?

economy hatchback, four door sedan, two seater convertible, full size pickup truck

When you pay your credit-card bills, you pay back not only the principal but also interest and fees, which together are called _____.

finance charges

If you have more than one category left, choose the one you would prefer.

four door sedan


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