The following information is for solving Questions 71 to 79

Gregg is planning to apply for a new credit card and is considering the following three choices. He is also planning to buy a $500 big screen television and plans to pay for this over a two-year period by making equal monthly.

Credit Card

Annual Interest Rate

Annual Fee

MBNA True Line Master Card

8.99%

$39

Desjardins Classic Visa

12.90%

$30

American Express Essential Credit Card

12.99%

$0

Question 71

What would be his monthly payments for using the MBNA True Line Master Card over a two-year period? (1 mark)

Question 71 options:

$23.75

$22.84

$23.77

$24.55

None of the Above

Question 72

What would be his monthly payments for using the Desjardins Classic Visa card over a two-year period? (1 mark)

Question 72 options:

$23.75

$22.84

$23.77

$24.55

None of the Above

Question 73

What would be his monthly payments for the American Express Essential Credit Card over a two-year period? (1 mark)

Question 73 options:

$23.75

$22.84

$23.77

$24.55

None of the Above

Question 74

How much in interest charges would he pay using the American Express Essential Credit Card (Hint: Total Interest = (number of payments * amount of payments) - loan amount)? (1 mark)

Question 74 options:

$48.16

$69.94

$70.45

$55.75

None of the Above

Question 75

How much in interest charges would he pay using the Desjardins Classic Visa card (Hint: Total Interest = (number of payments * amount of payments) - loan amount)? (1 mark)

Question 75 options:

$48.16

$69.94

$70.45

$55.75

None of the Above

Question 76

How much in interest charges would he pay using the MBNA True Line Master Card (Hint: Total Interest = (number of payments * amount of payments) - loan amount)? (1 mark)

Question 76 options:

$48.16

$69.94

$70.45

$55.75

None of the Above

Question 77

How much in total financing costs (interest costs and annual fees) for the MBNA True Line Master Card over the 2-year period (Hint: Total Financing Costs = Total Interest Costs + Total Annual Fees)? (1 mark)

Question 77 options:

$126.16

$129.94

$70.45

$112.75

None of the Above

Question 78

How much in total financing costs (interest costs and annual fees) for the Desjardins Classic Visa Card over the 2-year period (Hint: Total Financing Costs = Total Interest Costs + Total Annual Fees)? (1 mark)

Question 78 options:

$126.16

$129.94

$70.45

$112.75

None of the Above

Question 79

How much in total financing costs (interest costs and annual fees) for the American Express Essential Credit Card over the 2-year period (Hint: Total Financing Costs = Total Interest Costs + Total Annual Fees)? (1 mark)

Question 79 options:

$126.16

$129.94

$70.45

$112.75