Posted: September 2nd, 2022

Which has the lowest total payment and interest

Question description

Loans and Credit
In this open
response, you are going to pretend to be buying a high priced item using credit
of different kinds.  We are going to
compare the cost of each and come to a conclusion.
I.  Find Your Item  (5 pts)
Using the links below, or one of your
choosing, find an item you would like to buy in the $300 to $700 range.  List the item in the table provided.  Even though you would normally include tax,
shipping and handling, we will ignore these in this exercise.

What Citation Formats Do You Support?

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Name of Item

Special details

Site where you found
it

Price

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LINKS:
http://www.circuitcity.com/ccd/home.do
http://www.sony.com/
http://www.tiffany.com/

http://www.zales.com/

II.  Option 1: Use Your Credit Card  (15 pts)
You have a Maxi Card with a $700 limit for
this exercise.  The card has a monthly
finance charge of 1.67%.  Fill out the
following table.  Your payment each month
is $50.  You are finished when you have
paid it off.
Each month, except the first:
Balance = last month’s new balance – payment
Monthly Finance Charge = balance (0.0167)
New balance = balance + monthly finance
charge

How Much for a Paper?

Prices start at $10 per page for undergrad work and go up to $21 for advanced levels, depending on urgency and any extras you toss in. Deadlines range from a lightning-fast 3 hours to a chill 14 days—plenty of wiggle room there! Plus, if you’re ordering big, you’ll snag 5-10% off, making it easier on your wallet while still getting top-notch quality.

Month

1

2

3

Will Anyone Find Out I Used You?

Nope—your secret’s locked down tight. We encrypt all your data with top-tier security, and every paper’s crafted fresh just for you, run through originality checks to prove it’s one-of-a-kind. No one—professors, classmates, or anyone—will ever know you teamed up with us, guaranteed.

4

5

6

7

Do You Rely on AI?

Not even a little—our writers are real-deal experts with degrees, crafting every paper by hand with care and know-how. No AI shortcuts here; it’s all human skill, backed by thorough research and double-checked for uniqueness. You’re getting authentic work that stands out for all the right reasons.

8

Balance

Interest

New Balance

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Our writers are Ph.D.-level pros who live for nailing the details—think deep research and razor-sharp arguments. We pair that with top plagiarism tools, free revisions to tweak anything you need, and fast turnarounds that don’t skimp on quality. Your research paper won’t just shine—it’ll set the bar.

Payment

Month

9

10

Who’s Behind My Essays?

You’re in good hands with degree-holding pros—many rocking Master’s or higher—who’ve crushed our tough vetting tests in writing and their fields. They’re your partners in this, hitting tight deadlines and academic standards with ease, all while tailoring every essay to your exact needs. No matter the topic, they’ve got the chops to make it stellar.

11

12

13

14

Is My Paper Original?

100%—we promise! Every paper’s written fresh from scratch—no AI, no copying—just solid research and proper citations from our expert writers. You can even request a plagiarism report to see it’s 95%+ unique, giving you total confidence it’s submission-ready and one-of-a-kind.

15

16

Total

Balance

Can You Do Any Citation Style?

Yep—APA, Turabian, IEEE, Chicago, MLA, whatever you throw at us! Our writers nail every detail of your chosen style, matching your guidelines down to the last comma and period. It’s all about making sure your paper fits academic expectations perfectly, no sweat.

Interest

$

New Balance

Payment

Can I Adjust Instructions Later?

Absolutely—life happens, and we’re flexible! Chat with your writer anytime through our system to update details, tweak the focus, or add new requirements, and they’ll pivot fast to keep your paper on point. It’s all about making sure the final draft is exactly what you need, no stress involved.

$

Option 2: Get a Bank Loan
(10 pts)
You visited a local bank.  Because of your good credit, they agreed to
give you a personal loan, simple interest, at the current interest rate of
12.5% APR.
You will pay this back in 1 year.
Interest
= p
r t =__________________
Total Payment = Principal + Interest
= ______________
Payment per month = Total Payment / 12 =
______________
III.  Option 3: Installment Plan (10 pts)
The store you are buying the item down offers
you an installment plan.
The terms of the contract for the plan are:
·  $50 down
·  12 payments
·  Finance charge of $100

Interest = Finance Charge = ________________

Total Payment = Cost of
item + Finance charge = _____________
Monthly Payment = (Total Payment –
Down payment / 12 = __________
IV.  Time to Choose! (10 pts)
  Compare the three options.
a.  Which is the most convenient?
b.  Which has the shortest payment time?
c.  Which has the lowest total payment and
interest?
d.  Which has the lowest monthly payment?
e.  Make a choice.  Assuming that you could not pay for your item
any other way, which would you choose and why?  Your reasons why may incorporate a, b, c, and
d, but may also include other reason

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