Question

1. An example of an unsecured debt is a(n) _____. (1 point)

Answer 1

someone pls help!

Answer 2

student loans are a good example of unsecured debt

Answer 3

you don't put any collateral against the loan, so that's why

Answer 4

are unsecure debt rates higher

Answer 5

mortgages on the other hand, are secured debt

Answer 6

i would assume so because its unsecure.

Answer 7

because they take away the home if you fail to make payments

Answer 8

yes unsecured debt is much riskier

Answer 9

thanks!

Answer 10

yw

Answer 11

is a credit card unsecured

Answer 12

yes, because you don't put any collateral up

Answer 13

You (or your parents) are purchasing a car for $18,965.00 plus 6.25% sales tax. The down payment is $1,500.00. What is the difference in the accrued interest at the end of the first month between the average and excellent credit ratings?

Answer 14

sure creditors can take you to court and garnish your wages if you fail to make payments...but you don't put any collateral up

Answer 15

4.90


5.75 are the average credit ratings.

Answer 16

Use the formula

I = Prt

Answer 17

how.

Answer 18

well first off you would need to find the cost of the car after sales tax is added

Answer 19

$18,965.00 plus 6.25% sales tax = ???

Answer 20

do you times it, i have a helpful note for all the sales tax& percentages on my computer but im not using that one. mines in the shop. so i take the amount of the car and multiply by the 6.25
right

Answer 21

that sounds like the wrong answer lol

Answer 22

hold on lemme think..

Answer 23

do i times it by 0.6

Answer 24

you multiply it by 1+0.0625 or 1.0625

Answer 25

1185.31 is what got. so adding that to the original price then. 20,150.50

Answer 26

I'm getting 20,140.75

Answer 27

oh wait

Answer 28

I mixed up the numbers

I'm not getting 20,150.31

Answer 29

20,150,31

Answer 30

now*

Answer 31

20,150.31.2

Answer 32

so the price after you add tax is 20,150.31

Answer 33

thats what i got a third time.

Answer 34

ok now you use the formula

I = Prt

Answer 35

In this case P = 20150.31

Answer 36

and t = 1/12

Answer 37

oh forgot to take away the down payment, my bad

Answer 38

20150.31 - 1500 = 18650.31

so P = 18650.31 and t =1/12

Answer 39

then you would use those given interest rates to figure out how much you pay in interest for the first month

Answer 40

): i dont get it still. this pellet is hard..

Answer 41

ok what were the interest rates again