Question: 3320: Unit 2 Project LG5 and LG6 Learning Objectives: . LG5: Identify the common types of consumer loans (Secured vs Unsecured, Open-ended vs Closed-ended loans)

3320: Unit 2 Project LG5 and LG6 Learning Objectives: . LG5: Identify the common types of consumer loans (Secured vs Unsecured, Open-ended vs Closed-ended loans) LG6: Understand the cost and convince of consumer loans on household income. Section I: Go to www.creditcards.com and look up two cards that fit your current life situation. Make sure the two cards are from different companies. Then, find the information below to compare the cards. Debt Card #1 Name: Card #2 Name Is there an Introductory APR? What is it? How long does this Intro APR last Regular APR (APR after the Intro period)? Fixed or Variable APR? Annual Fee (may be called a membership fee)? APR on Balance Transfers? Balance transfer fees? APR on Cash Advances? Cash Advance fees? Late Payment Fee? Over the Limit Fee? Foreign Transaction Fees? Are there any rewards for using the card? Explain 1. In at least 4 sentences, explain which credit card you would recommend and why? Answer:Section I1: Martin wants to buy his first new car. He goes to the dealership and gets approved for an auto loan at 11.9% APR. Do an internet search and find 2 other auto loans. Screenshot and paste the offers below with the URL: Auto Loan #1: Auto Loan #2: Please explain if the auto loan at the dealership is a reasonable rate in at least 3 sentences. Why or why not? Answer: Summarize what you learned by answering the following questions: What type of consumer loan (Secured vs Unsecured, Open-ended vs Closed-ended loans) are a credit card and an auto loan? Answer: What is the relationship between the cost and convenience of consumer loans on household income

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