M Quest

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Graw

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omework: Residential Real Estate Fundamentals Assignment i

D

Problem 8-2

Account

(1)

(2)

(3)

Mail

ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%

Required A

Beaco Join c

Limit

$ 5,000

10,000

15,000

New capacity

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.

VOIL

Required B

Type here to search

Outstanding Balance

Complete this question by entering your answers in the tabs below.

Required:

a. How much credit capacity is she currently using?

b. If she cancels account number 2 and transfers the balance to account number 3, what will be the capacity used now?

$3,600

5,600

8,600

Grad FIRST

c. After the transfer, how much would an increase in the total credit limit have to be in account number 3 to restore the total capacity

used in all accounts prior to the transfer?

80.0 %

Check my work mode: This shows what is correct or incorrect for the work you have completed

X Answer is complete but not entirely correct.

Required C

PP14

If she cancels account number 2 and transfers the balance to account number 3, what will be the capacity used now?

Note: Enter your answer as a percent rounded to 1 decimal place.

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