Abdul has a debit card linked to a checking account with an available balance of $1480.He also owes $1030 on his credit card, which has a credit limit of $2400.Use this information to answer the questions below.(a) Abdul is going to purchase an item with his debit card.What is the most he can spend?$0(b) Abdul is going to purchase an item with his credit card.What is the most he can spend?$(c) Suppose an item costs $1400. Which card can be used for the entire purchase?Select all that apply. If neither card can be used, check "Neither".Debit cardn Credit cardn NeitherXŚ

Data given: Checking account balance=$1480 Amount owed to credit card= $1030 Credit card limit=$2400

Answered: Abdul has a debit card linked to a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Marcos purchases a top-up card for his pre-paid cell phone. His remaining balance, B, can be modeled by the equation B = 45 – 0.35n, where n is the number of minutes he's talked since purchasing the card. a) How much money was on the card when he purchased it? $ Which intercept is this? Select an answer v b) How many minutes will he have talked when he runs out of money? minutes. Which intercept is this? Select an answer v c) What is the slope of this equation? What are the units on the slope? Select an answer
A) What is the APR for purchases made using this credit card? B) What is the maximum amount that Marcus can put on this credit card? C) Did Marcus pay off the entire balance of his credit card last month? D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases?
Kwaku Addo earns $4200 per month take-home pay and has the funds directly deposited in his checking account. He spends only about $3500 per month, and the excess funds have been building up in his account for about one year. (a) What other types of accounts are available to Kwaku? (b) How might he manage his accounts to earn as much interest as possible and keep his money safe? (c) How might he use electronic money management to accomplish these tasks?
Amir needs 12000 to get his business started as soon as possible. He decides to take a loan from a bank. If the amount of bank discount is 354.15, find the amount of the loan.
John rey combong is considering a loan to finance her college education. He currently owes money on several charge accounts and credit cards. What actions would you recommend?
5) Jon has a credit limit of $15,000 on his credit card. He had a previous balance of $427.51. He made a payment of $400. The total of his purchases that cycle was $989.22. What is Jon's available credit?
Ryan has a RaceTrac credit card. The card has a balance of $685.37 with an APR of 28.95%. The RaceTrac expects the minimum payment to be 4.2% of the balance. What is Ryan’s minimum payment? How long will it take Ryan to pay off his RaceTrac credit card? How much interest will Ryan pay if he only pays the minimum payment? Show steps.
Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit. Then he makes purchases of $43.00 and $97.14. a) How much should his payment be if he wants to pay off the balance on the account? b) Instead of paying off the balance, he makes a payment of $300 and then incurs a finance charge of $24.66. What is the balance (amount owed) on his account? a) He needs to make a payment of $ to pay off the balance. b) The balance is $
23. Duc has a credit card with a $1000 credit limit. His outstanding balance is currently $800. What is the maximum amount he can now spend on this credit card?
Your friend is trying to establish good credit. Your friend is thinking about taking out a $15,000 auto loan to establish some credit on his credit report. Do you think this is a good idea for your friend to do this? Do you have an alternate suggestion? Why?
An individual spends $100 per day. Suppose that this person pays for all her purchases using her credit card. She withdraws no money from her bank account until the morning of the fourth day, when she withdraws the whole amount necessary to pay for her credit card purchases over the previous four days. Calculate the amount of money this person withdraws each time she goes to the bank. She will withdraw $ 400. (Enter your response as a whole number.) Compute this person's money holdings at the beginning of each of the next four days. For day 1, money holdings are $ For day 2, money holdings are $ (Enter your response as a whole number.) (Enter your response as a whole number.) For day 3, money holdings are $ (Enter your response as a whole number.) (Money holdings are at the beginning of the day before she makes any For day 4, money holdings are $ payments.)
Card A has the highest rate. Quentin again decides to pay $280 toward his total credit card debt. If he pays the minimum for Cards C, and D, how much will that leave for Card A?

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS