You are getting married in the fall and you and your fiance are planning to finance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You are getting married in the fall and you and your fiance are planning to finance the purchase of a new home. You have negotiated with the seller and are buying the house for $150,000. You are making a down payment of $10,000 and your bank has agreed to loan you the balance of $140,000. This type of a loan is called an Installment Loan. Please explain why this is the best option for credit to use and why it is a better option than either non-installment credit or revolving credit. You are getting married in the fall and you and your fiance are planning to finance the purchase of a new home. You have negotiated with the seller and are buying the house for $150,000. You are making a down payment of $10,000 and your bank has agreed to loan you the balance of $140,000. This type of a loan is called an Installment Loan. Please explain why this is the best option for credit to use and why it is a better option than either non-installment credit or revolving credit.
Expert Answer:
Answer rating: 100% (QA)
An installment loan is the best credit option for financing the purchase of your new home for a few ... View the full answer
Related Book For
Posted Date:
Students also viewed these finance questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
MCQ questions: 1. An increase in oil prices, such as the oil shocks in the 70s, lead to _______ thereby causing ________ a movement along the AS curve; cost-push inflation a leftward shift in the AS...
-
What does 'buying local' mean to you? How do you determine what 'local' means? Are there limits to buying local here in PEI? Is buying local a priority for you when making purchases? How do you...
-
You were just hired to fill an entry-level position in the customer service organization of a large retail store. You are completing the first day of new hire orientation when the trainer shares with...
-
a. Given the following forecast and steady regular output of 550 every month, what total cost would result if overtime is limited to a maximum of 40 units a month, and subcontracting is limited to a...
-
For each of the following situations, calculate the population standard error of the mean \(\sigma \mathrm{X}^{-}\). a. \(\sigma=18 ; N=36\) b. \(\sigma=9.42 ; N=49\) c. \(\sigma=1.87 ; N=60\) d....
-
Q1. Use the information below for J.C. Penney and Intel to answer the following questions. a. Calculate the values for (A) and (X). Revenue for INTC is more than (__________ / 10 times) greater than...
-
Write a Python program to compute the following two problems and share a link to your work in the box below. 1. lim x 0 sin(x) X d 2. (sin(a)) dx
-
Several studies have reported lower participation in the science, technology, engineering, and mathematics (STEM) careers by female and minority students. A high school counselor surveys 240...
-
A hypothetical species has one ear on the front of their head and one ear on the back of their head, with each ear having a unique pinna shape. Which of the following sounds would be most difficult...
-
Let \(\mathbf{F}\) be a vector field whose curl and divergence at the origin are \[ \operatorname{curl}(\mathbf{F})(0,0,0)=\langle 2,-1,4angle, \quad \operatorname{div}(\mathbf{F})(0,0,0)=-2 \]...
-
How has health reform legislation affected the organization and management of corporate health institutions?
-
Prove the following tautologies by starting with the left side and finding a series of equivalent wffs that will convert the left side into the right side. You may use any of the equivalencies in the...
-
If Melissa wants to retire with \(\$ 50,000\) per month, how much principal is necessary to generate this amount of monthly income if the interest rate is 3%?
-
The system has a transfer function \(\mathrm{P}(\mathrm{s})=\frac{2}{s+2}\). The gain for \(\omega=2 \mathrm{rad} / \mathrm{sec}\) will be (a) 0.707 (b) 0.666 (c) 0.5 (d) 0.25
-
If you form a portfolio with 30% of your wealth in Stock X and 70% of your wealth in Stock Y, the portfolios standard deviation is: A. Less than or equal to 5% B. Is greater than 5% but less than or...
-
Evenflow Power Co. is considering a new project that is a little riskier than the current operations of the company. Thus, management has decided to add an additional 1.5% to the company's overall...
-
Southwest Airlines prides itself on allowing passengers to check bags for free. Given that virtually all of Southwests competitors have started charging these extra fees, do you think they will...
-
Compare and contrast the pricing strategy of Apple iPods around the world to Microsofts Zune. Then, as marketing manager for SanDisk, how would you price a new MP3 player that will be introduced in...
-
Historically, the theme park industry in Orlando is heavily impacted by a large number of macro-level external environmental factors. From each of the five major categories of macro-level external...
-
Write a simple loop that lets you exercise the cache. By changing the number of statements in the loop body, you can vary the cache hit rate of the loop as it executes. If your microprocessor fetches...
-
Why do most computer systems use memory-mapped I/O?
-
Draw a timing diagram for a burst write operation that writes four locations.
Study smarter with the SolutionInn App