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Questions and Answers of
Corporate Finance
Which results in a lower total interest charge, borrowing $1,000 to be repaid 12 months later as a single-payment loan or borrowing $1,000 to be repaid as a 12-month installment loan? Assume a simple
Consumers should comparison shop for credit just as they would for any other consumer good or service. How might a consumer's stage of the financial life cycle, income, net worth, or credit score
Name two advantages and two disadvantages of secured loans versus unsecured loans.
Camerin wants a new big-screen TV and home theater surround-sound system, which he thinks will cost $4,000. The store will finance up to $3,500 for 2 years at a 19.5 percent interest rate. Assuming
Antonio would like to replace his golf clubs with a custom-measured set. A local sporting goods megastore is advertising custom clubs for $800, including a new bag. In-store financing is available at
1. Calculate Karou's monthly car payment using your financial calculator. Compare the payment amount if she uses the 48-month car loan through her local bank versus her home equity line of credit.
1. What types of student loans are available to Mary Lou, and what lending limits apply? 2. Assume her student loan will have an interest rate of 8 percent and her parents' home equity line has a
1. What are the differences between a Direct Subsidized Loan and a Direct Unsubsidized Loan?2. Does Carly have a grace period? When is she expected to start making payments on her student loans?3.
What issues, or factors, does the “smart buyer” process attempt to control?
What is the difference between a condo and a co-op? What are the advantages and disadvantages of each compared to living in a single-family house?
What three major categories of expenses make up the costs of homeownership? Give two examples of each.
What two primary lifestyle and financial factors should you consider in the buy or rent decision?
From a financial point of view, over a 7-year period, why is it better to own than to rent? Consider costs, return, and taxes in your answer.
What three factors determine the maximum amount a bank will finance for a home mortgage?
What are the advantages and disadvantages of using IRA savings as a down payment?
What is the difference between a traditional real estate agent and an independent buyer-broker? Is there an advantage to either for someone buying a home?
What factors should be considered before signing a lease or rental agreement?
What provisions should be outlined in a real estate contract?
Summarize the four-step process for smart buying. How does Principle 9: Mind Games, Your Financial Personality, and Your Money play a role in this process?
What is the difference between mortgage bankers and mortgage brokers? Does either offer prospective homeowners an advantage? If so, what?
What are the advantages and disadvantages of government-backed loans, such as VA or FHA loans?
How do the time value of money and taxes complicate the decision on the term of a mortgage?
What are some factors that determine whether a homeowner should refinance?
Effective complaints do not reflect anger or include threats. List five key points to remember when making an effective complaint.
What factors should you consider when trying to determine what vehicle to buy?
What three factors determine the monthly payment on an automobile loan?
What is the holdback on a new car? Why are the holdback, rebates, dealer incentive, and markup important when negotiating a new car price?
What is the purpose of an auto lease? What are the two types of leases? What is the major difference between the two?
Identify the characteristics of a consumer who should seriously consider auto leasing. What are the six factors that determine the monthly lease payment?
Whether it is for a new or used vehicle, why is auto maintenance so important? List five maintenance tips to remember.
Determine the total first-year cost of car ownership for Milagros. She just purchased a vehicle valued for $15,000 with the following costs: Auto Loan: Amount—$15,000, Duration—4 years,
Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 4.5 percent. Assume they have other debt payments totaling $500 per month and a combined
Use your financial calculator to compute the monthly payment and the total amount spent for a vehicle that costs $20,000 if you finance the entire purchase over 5 years at an annual interest rate of
Use your financial calculator to compute the monthly payments for a vehicle that costs $15,000 if you finance the entire purchase over 4 years at an annual interest rate of 6 percent. Also calculate
Annie's mortgage statement shows a total payment of $699.12, with $604.60 paid toward principal and interest and $94.52 paid for taxes and insurance. Taxes and insurance for 3 months were collected
Calculate the monthly payments on a 30-year fixed-rate mortgage at 5 percent for $100,000. How much interest is paid over the life of the loan?
Calculate how much money a prospective home owner would need for closing costs on a house that costs $100,000. Calculate based on a 20 percent down payment, two discount points on the loan, a
Use your financial calculator to determine the monthly payments for each of the following $100,000 mortgage loans. Assume no prepayments. a. 30-year fixed at 5 percent b. 15-year fixed at 4
Use your calculator to determine (1) the current mortgage payment, (2) the total interest paid, (3) the payment after the first adjustment, and (4) the maximum payment for each of the following
Kalid is purchasing a home but expects interest rates to fall, so he is choosing an 8.375 percent adjustable-rate mortgage with a 1-year adjustment interval. During the first 3 years of his mortgage,
1. Identify seven sources of vehicle purchasing information and the type of information available from each source. 2. From all the information available, what specific information about the
1. Write a short description of the four types of housing generally available for Seyed. 2. List several sources of information applicable to any real estate purchase that might be helpful to Seyed
How are the concepts of the risk–return trade-off, risk pooling, and the work of actuaries a foundation for the logic of insurance as well as the premium you will ultimately pay?
When shopping for life insurance, what key factors should you consider when comparing companies, agents, and cash-value and term policies? How could the Internet assist you?
Explain the new health insurance exchange system as outlined in the Affordable Care Act. How does this benefit self-employed individuals?
Define coinsurance and deductible.
Why are dental and eye insurance typically not recommended? What’s the best alternative for meeting these expenses?
What are the fundamental differences between a fee-for-service health care plan and a managed health care plan? Beyond the method of paying for services, what is the other fundamental difference?
Both an HMO and a PPO health plan are examples of managed health care. Describe the similarities and differences between these two plans.
Describe the major differences between group health insurance and individual health insurance. Which is likely to be cheaper?
What steps should you take if your health insurance claim is denied?
Briefly describe the target recipients and the benefits provided by the government-sponsored health care plans of workers’ compensation, Medicare, and Medicaid. Who is eligible for coverage under
How do Medicare Parts B, C, and D, and Medigap policies expand the health care coverage available to persons 65 and older who qualify for Social Security?
Define the following life insurance terms: beneficiary, face amount, insured, policyholder, and policy owner. How are these terms related?
Summarize the advantages and disadvantages of using a flexible spending account to help control health care costs. What is the cap on how much you can contribute to a flexible spending account?
How does the combination of a qualified high-deductible health insurance plan and a Health Savings Account offer a cost-effective approach to paying for health care? Who might find this option
Summarize the advantages and disadvantages of “opting out” of employer-sponsored health insurance. If you opt out of coverage, what exceptions will allow you to enroll in your employer-sponsored
What protection does disability insurance provide? Who provides disability insurance coverage, and why is it important? How much coverage should consumers purchase?
Define the following disability insurance terms: definition of disability, residual (partial) payments, and benefit duration. Why is the definition of disability so critical to the availability of
Describe long-term care insurance. What policy features should a person look for when shopping for a long-term care policy?
Why are the waiting (elimination) period and the waiver of premium important provisions when purchasing disability and long-term care insurance?
What is the main purpose of life insurance? Describe the types of households that need life insurance and those that do not. Summarize the underlying factors that determine the need for life
Compare and contrast the two basic approaches used to determine the amount of life insurance needed. What are the primary factors considered?
Briefly describe five common types of term life insurance.
Briefly describe the three major categories of cash-value life insurance.
Describe the major differences between term and cash-value life insurance. What are the primary advantages and disadvantages of each?
Define the following life insurance policy features: coverage grace period, loan clause, nonforfeiture clause, policy reinstatement clause, suicide clause, and incontestability clause.
Explain the four primary life insurance policy settlement options available to the beneficiary.
What are the four major provisions of the Affordable Care Act?
Renee has a bad history of family health problems. Her niece, Abilyn, was recently declined coverage because of a congenital heart defect that she was born with 6 months ago. Her brother, Micah, is
Joetta Hernandez is a single parent with two children and earns $45,000 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $60,000 saved in a 401(k) plan,
Virgil Cronk wants to purchase a life insurance policy that will allow him to increase his future coverage without having to take another medical exam. Virgil's family has a history of cardiac
The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription drug
Latesha Moore has a choice at work between a traditional health insurance plan that pays 80 percent of the cost of doctor visits after a $250 deductible and an HMO that charges a $10 co-payment per
Julie Rios has take-home pay of $3,200 per month and a disability insurance policy that replaces 60 percent of earnings after a 90-day (3-month) waiting period. She has accumulated 80 sick days at
Bobbi Hilton, 62, is considering the purchase of a 5-year long-term care policy. If nursing home costs average $5,000 per month in her area, how much could she have to pay out-of-pocket for 5 years
1. In the mix of premiums the Porterfields can spend, how should Adam and Cassie rank Adam's insurance needs for the seven types of coverage offered? What factors should they consider?2. Should Adam
1. Using Worksheet 12, determine the amount of additional life insurance, if any, that the Kampes should purchase to protect Wendy if Frank should die. 2. Should Wendy purchase an insurance policy?
Itemize and describe the differences among the six basic types of standardized homeowner’s policies. Which of the first three policy types is the most comprehensive?
How do you establish proof of ownership and value of assets? What are the key pieces of information that should be included? Why is this important?
List the duties that a homeowner has after a loss to make an insurance claim.
Describe the four parts of a standardized personal auto policy (PAP).
Explain the difference between split-limit auto liability coverage and combined single limit liability coverage.
What coverage and limitations apply to legal costs resulting from an auto accident?
What is the difference between uninsured motorist’s coverage and underinsured motorist’s coverage?
What is the difference between collision loss and comprehensive physical damage coverage?
Explain the fundamental concept of no-fault auto insurance. What problems exist with this system? Can you sue for damages?
Name several standard exclusions that would limit the amount of coverage available in a personal automobile policy.
Describe the factors that are major determinants of the cost of auto insurance.
List and describe the four parts of Section I and the two parts of Section II of a homeowner’s insurance policy.
List and describe the different types of auto insurance discounts that are commonly available. Which ones provide the greatest saving?
List and briefly describe the ways a consumer can reduce the cost of auto insurance premiums.
If involved in an accident, what should you do at the scene and after the accident?
Explain why it is almost always best to choose the highest liability coverage limits and deductible you can afford when purchasing automobile insurance.
What types of personal property have additional, more restrictive limits under Coverage C of Section I? What are they? What can you do to protect yourself from these losses?
List and describe at least five examples of supplemental coverage available as an addition to homeowner’s policies. Which two supplemental coverages are the most important? Why?
Should homeowners consider purchasing an umbrella policy? Why or why not? What exclusions apply?
What is meant by the 80 percent rule as it applies to the purchase of homeowner’s insurance to protect the dwelling?
Develop a list of guidelines that homeowners should consider when purchasing a homeowner’s policy.
Explain why insurance companies use a consumer’s insurance credit score when calculating insurance premiums. What are the five steps you can take to improve your score and keep premiums down?
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