Question 26 (1 point) What is revolving credit? Credit that lets the borrower choose how much of the credit to use and when to pay it Credit when the borrower makes regular monthly payments Credit that requires payment in full on a specific date Credit that is paid all at once, in a single payment Question 27 (1 point) Which of the following is a way to use credit responsibly? Paying only the minimum payment each month Understanding the account's interest rate Paving attention to the ApR and not the APY Opening several different credit accounts

Find the future value of craig's account if he deposts at 12 so for 5 years at \( 14 \% \) intrest compounatel annvally.

A farmer borrows Gh 1,000 and agrees to repay with a total interest of Ghф 140 in 12 monthly instalments, each instalment being less than the preceding instalment by Ghф 1 What should be his first instalment?

31 The company paid \( \$ 3,600 \) cash in dividends. Nov. 1 The company reimbursed S . Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at \( \$ 0.32 \) per mile). 2 The company received \( \$ 4,633 \) cash from Liu Corporation for computer services performed. 5 The company purchased computer \( s u p p l i e s \) for \( \$ 1,125 \) cash from Harris Office Products. 8 The company billed Gomez Co. \( \$ 5,668 \) for services performed. 13 The company received notification from Alex's Engineering Co. that Business Solutions's bid of \( \$ 3,950 \) for an upcoming project was accepted. 18 The company received \( \$ 2,208 \) cash from IFM Company as partial payment of the October 28 bill. 22 The company donated \( \$ 250 \) cash to the United Way in the company's name. Continued on next page ...

4.26 An invoice of RM2500 dated \( 12^{\text {th }} \) February 2011 was offered \( 6 \% \) trade discount and cash discount terms of \( 7 / 10,5 / 20, n / 30 \). a) Find the net payment if the invoice was paid on \( 21^{\text {st }} \) February 2011 b) How much is the total discount obtained?

Thomas wants to retire in 20 years. He can deposit a lump sum of \( \$ 20,000 \) today into an account earning \( 6 \% \) interest compounded annually. He also plans to contribute \( \$ 1,000 \) annually for the next 20 years into the same account. What will be the future value of his retirement fund in 20 years? [3]