Directions:
Jesse did the math on a laptop deal and realized the bargain wasn’t a bargain at all. See if you can spot a bargain in the offers below. For each purchase, select the option that you think would be the best credit deal.
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Question 1 of 4
1. Question
Purchase a Computer Purchase Price Monthly Payments Total Interest Total Cost Store Financing: 24 monthly payments at 11.9% APR $1,400 $65.84 $180.10 $1,580.10 Credit Card: 36 monthly payments at 15.9% APR $1,400 $49.15 $369.43 $1,769.43 CorrectIncorrect -
Question 2 of 4
2. Question
Purchase a Home Audio System Purchase Price Monthly Payments Total Interest Total Cost Store Financing: 12 monthly payments at 13.5% APR $800 $71.64 $59.70 $859.70 Credit Card: 24 monthly payments at 18% APR $800 $39.94 $158.54 $958.54 CorrectIncorrect -
Question 3 of 4
3. Question
Purchase a Car Purchase Price Monthly Payments Total Interest Total Cost Car A: 3.9% APR for 30 months $23,000 $805.89 $1,176.79 $24,176.79 Car B: 7% APR for 60 months $20,000 $396.02 $3,761.44 $23,761.44 CorrectIncorrect -
Question 4 of 4
4. Question
Purchase a Big Screen TV Purchase Price Monthly Payments Total Interest Total Cost Store Financing: no payments for three months, but monthly interest charges start immediately at 10% APR; then six months of payments. $1,900 $334.12 $47.50 $1,900.00 +$47.50 interest applied over the first three months after three months on $1,947.50 $57.19 104.69 principal $104.69 $2,004.69 Credit Union: 11% APR for 12 months $1,900 $167.93 $115.10 $2,015.10 CorrectIncorrect