1) If you wanted to have $10950 saved up by the end of the year, what amount wou
ID: 2811125 • Letter: 1
Question
1) If you wanted to have $10950 saved up by the end of the year, what amount would you need to save on a daily basis? Consider 365 days a year
a) $30.42
b) $ 60.84
c) $30
d) $60
2)What is the net cash flow if total income last month was $3,650, but expenses totaled $4,040, and the shortage was covered on a credit card?
a) $4040
b) -$390
c) 390
d)-$7690
3) Which financial institution would be the best fit for a college-aged student who needs a checking account?
a) Commercial bank
b) Credit Union
c) Savings institution
d) All of the options are correct
4) With most auto-loans, what is used as collateral?
a) Certificate of deposit
b) Stock
c) The purchased auto
d) No collateral is needed because of your outstanding credit
5) With a reverse mortgage, upon the death of the last surviving homeowner, if there is negative equity in the home, the survivors will owe money to the bank.
a) True
b) False
Explanation / Answer
1)
Amount to be saved daily:
= Required amount/Number of days
= $10,950/365
= $30
Hence, correct option is (c) $30.
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