I need answers and explanation 

2. A good rule of thumb is to limit consumer credit payments to no more than percent of your net (after tax) income. A) 20- B) 30 C) 40 D) 50 E) 60 . . . 3. A short-term investment goal is one that will be accomplished within a period of: A) one year or less. B) two to five years. C) more than five years. D) three years or less. E) two years or less. 4. An intermediate-term investment goal is defined as one that will be accomplished within a period of: A) five to ten years. B) two to eight years. C) more than five years. D) one to five years. E) less than one year. 5. Which of the following statements is true regarding the steps for effective investment planning? A) When establishing an investment program, you should begin by monitoring your investments. B) When you are choosing an investment, you should examine only the interest rate risk factor associated with each investment." C) When establishing an investment program, you should examine the potential return for all investments. D) Leave the financial planning to the professionals. E) There is no need to monitor your investments after you have made your investment decision. (Ctrl)