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Why is it important to know the interest rate on your credit card?
The higher the interest rate, the more money you will be paying back The higher the interest rate,
the less money you will be paying back The lower the interest rate, the more credit you can open The lower the interest rate,the more money you can spend

Question 2(Multiple Choice Worth 5 points) (04.03 LC) Jackson has a credit card with a 15% interest rate. His dad has a credit card with a 5% interest rate. If they both charge $1,000, how much more will Jackson end up paying?
$500 $250 $100 $125

Question 3(Multiple Choice Worth 5 points) (04.03 MC) Alyssa's monthly mortgage costs are lower than those of her neighbor, Steven. Steven doesn't understand how this is possible because Alyssa paid more money for her house. What could be the reason for this difference in costs? Alyssa has a higher-paying job than Steven Steven has lived in his house longer than Alyssa Alyssa got a better interest rate on her loan Steven has a lot of medical bills to pay back Question

4(Multiple Choice Worth 5 points) (04.03 LC) When should you open a credit card account? When you want to take an exotic vacation When you have a plan for paying it back When you need new clothes for an event When you want to loan money to a friend

Respuesta :

DiamondQueen
1. Because your interest rate is what they charge you for using the card. You have to pay the fee that is the rate on your balance. The higher the interest the more you are charged.
2. Jackson's credit card charges 15% interest.
His dad's credit card charges 5% interest.
Now, they both spend 1000 dollars. Let's find out the difference between their interests.
Jackson => 1000 * .15 = 150 dollars
Dad of Jackson => 1000 * .05 = 50 dollars.
Thus, their difference is about 100 dollars
3. Alyssa got a better interest rate on her loan.
4. When you have a plan for paying it back. 

It should be noted that it's important to know the interest rate on your credit card because A. The higher the interest the more you are charged.

Interest rate.

Bases on the information given, the amount of money that Jackson end up paying more is $100. This was calculated as:

= (1000 × 15%) - (1000 × 5%)

= 150 - 50

= 100

Since Alyssa's monthly mortgage costs are lower than those of her neighbor, Steven, the reason for this difference in costs can be because Alyssa got a better interest rate on her loan.

Lastly, one should open a credit card account when you have a plan for paying it back.

Learn more about Interest on:

https://brainly.com/qquestion25545513

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