Questions from Personal Finance

Q: What credit restrictions apply to persons under age 21?

What credit restrictions apply to persons under age 21?

Q: Claire has invested $10,000 in an 18-month

Claire has invested $10,000 in an 18-month CD that pays 6.25%. How much interest will Claire receive at maturity?

Q: Dave has $20,000 excess cash to invest. He

Dave has $20,000 excess cash to invest. He can purchase a $20,000 T-bill for $19,400 or two $10,000 T-bills for $9,600 each. Which will give him the better return?

Q: Lauren purchased a $40,000 T-bill for $

Lauren purchased a $40,000 T-bill for $38,400. A few months later, Lauren sold the T-bill for $39,000. What was Lauren’s return on the T-bill?

Q: Brenda purchased a $30,000, 90-day T

Brenda purchased a $30,000, 90-day T-bill for $29,550. What will Brenda’s return be when the T-bill matures? What will her annualized rate be?

Q: Jason wants to open a checking account with a $100 deposit

Jason wants to open a checking account with a $100 deposit. Jason believes he will write 15 checks per month and use other banks’ ATMs 8 times a month. He will not be able to maintai...

Q: Julie wants to open a bank account with $75. Julie

Julie wants to open a bank account with $75. Julie estimates that she will write 20 checks per month and use her ATM card at the home bank. She will maintain a $200 balance. Which bank should Julie ch...

Q: Veronica plans to open a checking account with her $1,

Veronica plans to open a checking account with her $1,200 tax refund check. She believes she can maintain a $500 minimum balance. Also, she estimates that she will write 10 checks per month and will u...

Q: Randy, a student, has $500 to deposit in a

Randy, a student, has $500 to deposit in a new checking account, but Randy knows he will not be able to maintain a minimum balance. He will not use an ATM card, but will write a large number of checks...

Q: Paul has an account at St. Jerome Bank. He does

Paul has an account at St. Jerome Bank. He does not track his checking account balance in a checkbook register. Yesterday evening, he placed two checks in the mail for $156.66 and $238.94. Paul access...