How could an increased awareness of information processing, your  learning style, and your attention and self-regulation strategies  potentially affect your performance in your academic journey?
March 3, 2021
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March 3, 2021

Zero Percent

Credit card disclosure statement:

On approved XYZ credit card purchases, based on your credit-worthiness, other terms may apply. $2,399 minimum purchase required for this offer. Other finance offers available with lower minimum payment requirements. The purchase amount is divided into equal monthly payments for the promotional period. An additional $37.50 will be added to the following month’s payment if payment is received after the due date. No finance charges for 24 months. 23.9% standard rate, APR. The promotion is canceled for accounts not current, and the default rate of 25.9% and regular minimum monthly payments apply. Minimum finance charge $2. Certain rules apply to the allocation of payments and finance charges on your promotional purchase if you make more than one purchase on your XYZ credit card. Call 1-555-123-4567 or review your card-holder agreement for information. Sale items and clearance items excluded. Offer does not apply to previous purchases and cannot be combined with other discounts.

Instructions:
  1. Carefully review the disclosure statement above.
  2. Answer the questions below after reading the scenario and carefully considering the disclosure statement.
  3. You may use a calculator where necessary.
  4. Answer each question in a complete sentence. You will submit your responses to your instructor.
Scenario and Questions:

Kelsey and Cody want new living room furniture. They see a flyer in Sunday’s newspaper for XYZ offering free money for 24 months (or so they think). At the store, they pick out a leather sofa and two ottomans. The sofa is $1,499 and each ottoman is $299. Are they eligible for the promotion with just those items? No, they have to make a minimum purchase of $2,399. So, in addition to the three-piece sofa set, they select a $249 coffee table and a $199 end table.

Kelsey and Cody have been making payments on this furniture for 18 months, but Cody gets laid off from his job and their income drops substantially. They are unable to stay current on their account even though they have paid $2,070 of the bill.

  1. What is the total amount Kelsey and Cody financed, including $153 for tax and $75 for delivery?
  2. According to the conditions stated in the disclosure statement, how much are their monthly payments?
  3. If Kelsey and Cody do not send their payment in on time, what will the following month’s payment be?
  4. According to the disclosure terms, what happens to Kelsey and Cody’s bill, including finance charges, when they get behind on their payments?
  5. If you assume they are back-charged the increased finance rate from the beginning of the promotional period, how much will they owe in finance charges for the first year?
  6. What is the minimum amount they would have saved if they paid cash? (hint: think about their original intended purchase)

Rubric

Zero Percent Rubric
Excellent Good Needs Improvement Poor
Content

20–23 points
The work contains allthe required elements:

answers in complete sentence for six questions

16–19 points
The work contains mostof the required elements:

answers in complete sentence for six questions

12–15 points
The work contains some of the required elements:

answers in complete sentence for six questions

0–11 points
The work contains few or none of the required elements:

answers in complete sentence for six questions

Quality 20–23 points
The short answer responses are completely accurate and on topic. Responses are thoughtfully prepared, provide insight, and completely apply the principles discussed in the lesson.
16–19 points
The short answer responses are mostly accurate and on topic. Responses are somewhat thoughtfully prepared, provide some insight, and mostly apply the principles discussed in the lesson.
12–15 points
The short answer responses are somewhat accurate and/or strays from the topic. Responses lack appropriate amount of thought, have limited insight, and somewhat apply the principles discussed in the lesson.
0–11 points
The short answer responses are inaccurate and/or strays from the topic. Responses lack thought, have limited insight, and inadequately apply the principles discussed in the lesson.
21st century presentation skills 4 points
The work is wellorganized, easy to read and comprehend. It has few spelling or grammar errors.
3 points
The work is mostlyorganized, easy to read and comprehend. It has few spelling or grammar errors.
2 points
The work is somewhatorganized, easy to read and comprehend. It has somespelling or grammar errors.
0–1 points
The work lacksorganization, ease of reading and comprehension. It has many spelling or grammar errors.

 

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