Question $1(2$ points$)$

Gregory's car needs repairs, but he does not have an emergency fund to cover the

expenses. He decides that he needs his car repaired immediately and wants to

finance the cost of the repairs. Gregory can apply for a credit card and pay for the

repairs using the credit card. If Gregory cannot pay off the credit card when the

payment is due, what will happen?

He will put the money in an emergency fund.

His grandmother will pay the credit card bill for him.

He will be charged interest on his purchase and end up paying much more than

the original cost of the repairs.

His car will be repossessed.