Homework Answers
Ans 26)
The correct answer is option C, i.e 10 years. Information about personal bankruptcy can be reported in a persons credit file for 10 years.
Ans 27)
Principal amount = $500
Interest charge = $50
Service charge by bank = $5
Total financial charge = Interest + service charge
= 50 + 5
= $55
APR = Total Financial charge / Principal amount
= 55 / 500
= 0.11 or 11%
Hence the correct answer is option A.
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