Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all three required sections correctly all information is provided A potential home buyer is wondering about her credit card accounts and the effect

please answer all three required sections correctly all information is provided
image text in transcribed
image text in transcribed
image text in transcribed
A potential home buyer is wondering about her credit card accounts and the effect that they may have on her credit score which will be evaluated when she applies for a mortgage loan. At present, she has three accounts with credit limits and balances outstanding as follows: She would like to transfer the balance in account \#2 to account \#3 in order to save the membership fee and because the interest charges for account $2 are higher than the others, If she does this account $2 would be closed. Required: a. How much credit capacity is she currently using? b. If she cancels account #2 and transfers the balance to account #3, what will be the capacity used now? c. After the transfer, how much would an increase in the total credit limit have to be in account $3 to restore the total capacity used in all accounts prior to the transfer? Complete this question by entering your answers in the tabs below. If she cancels account #2 and transfers the balance to account $3, what will be the capacity used now? (Round your answer to 1 decimal place.) A potential home buyer is wondering about her credit card accounts and the effect that they may have on her credit score which will be evaluated when she applies for a mortgage loan. At present, she has three accounts with credit limits and balances outstanding as follows: She would like to transfer the balance in account $2 to account $3 in order to save the membership fee and because the interest charges for account $2 are higher than the others. If she does this account $2 would be closed. Required: a. How much credit capacity is she currently using? b. If she cancels account $2 and transfers the balance to account $3, what will be the capacity used now? c. After the transfer, how much would an increase in the total credit limit have to be in account $3 to restore the total capacity used in all accounts prior to the transfer? Complete this question by entering your answers in the tabs below. How much credit capacity is she currently using? (Round your answer to 1 decimal place.) A potential home buyer is wondering about her credit card accounts and the effect that they may have on her credit score which will be evaluated when she applies for a mortgage loan. At present, she has three accounts with credit limits and balances outstanding as follows: She would like to transfer the balance in account $2 to account $3 in order to save the membership fee and because the interest charges for account #2 are higher than the others, If she does this account z2 would be closed. Required: a. How much credit capacity is she currently using? b. If she cancels account $2 and transfers the balance to account #3, what will be the capacity used now? c. After the transfer, how much would an increase in the total credit limit have to be in account #3 to restore the total capacity used in all accounts prior to the transfer? Complete this question by entering your answers in the tabs below. After the transfer, how much would an increase in the total credit limit have to be in account $3 to restore the total capacity used in all accounts prior to the transfer? A potential home buyer is wondering about her credit card accounts and the effect that they may have on her credit score which will be evaluated when she applies for a mortgage loan. At present, she has three accounts with credit limits and balances outstanding as follows: She would like to transfer the balance in account \#2 to account \#3 in order to save the membership fee and because the interest charges for account $2 are higher than the others, If she does this account $2 would be closed. Required: a. How much credit capacity is she currently using? b. If she cancels account #2 and transfers the balance to account #3, what will be the capacity used now? c. After the transfer, how much would an increase in the total credit limit have to be in account $3 to restore the total capacity used in all accounts prior to the transfer? Complete this question by entering your answers in the tabs below. If she cancels account #2 and transfers the balance to account $3, what will be the capacity used now? (Round your answer to 1 decimal place.) A potential home buyer is wondering about her credit card accounts and the effect that they may have on her credit score which will be evaluated when she applies for a mortgage loan. At present, she has three accounts with credit limits and balances outstanding as follows: She would like to transfer the balance in account $2 to account $3 in order to save the membership fee and because the interest charges for account $2 are higher than the others. If she does this account $2 would be closed. Required: a. How much credit capacity is she currently using? b. If she cancels account $2 and transfers the balance to account $3, what will be the capacity used now? c. After the transfer, how much would an increase in the total credit limit have to be in account $3 to restore the total capacity used in all accounts prior to the transfer? Complete this question by entering your answers in the tabs below. How much credit capacity is she currently using? (Round your answer to 1 decimal place.) A potential home buyer is wondering about her credit card accounts and the effect that they may have on her credit score which will be evaluated when she applies for a mortgage loan. At present, she has three accounts with credit limits and balances outstanding as follows: She would like to transfer the balance in account $2 to account $3 in order to save the membership fee and because the interest charges for account #2 are higher than the others, If she does this account z2 would be closed. Required: a. How much credit capacity is she currently using? b. If she cancels account $2 and transfers the balance to account #3, what will be the capacity used now? c. After the transfer, how much would an increase in the total credit limit have to be in account #3 to restore the total capacity used in all accounts prior to the transfer? Complete this question by entering your answers in the tabs below. After the transfer, how much would an increase in the total credit limit have to be in account $3 to restore the total capacity used in all accounts prior to the transfer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Handbook Of News Analytics In Finance

Authors: Gautam Mitra, Leela Mitra

1st Edition

047066679X, 978-0470666791

More Books

Students also viewed these Finance questions