Week 6 Assignment 1 FP101

Week 6 Assignment 1 FP101 - Step 3a: New car? Step 3b: Used...

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Title Considerations Surrounding Major Financial Assets  Assessment A: Researching Interest Rates  Summarize the information on interest rates.  There are two types of interest rates. The two types are fixed and variable rates. Car loans typically use the fixed interest  rates. Credit cards and mortgages use the variable interest rates. A fixed rate is a payment that does not change until you  get it paid off, and a variable rate is a payment that could fluctuate overtime.   Assessment B: Decision Making Process  Identify the steps in the decision making process for major purchases.  Step 1a: What do I need? Keep car?   Step 1b: What do I need? Replace car?   Step 2: What can I afford?  
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Unformatted text preview: Step 3a: New car? Step 3b: Used car? Step 4: Identify alternatives Step 5: Compare based on attributes, price Step 6: Negotiate terms of contract Step 7: Decide how to finance loan Assessment C: Considerations Surrounding Major Financial Assets Summarize the 6 main steps in buying a house. The first step is to make sure that my finances are in good shape. Second, is to contact a licensed real estate agent. Third, is to look at a home, and the agent will suggest one for me. Fourth is to get the home inspected. Fifth, is to get set up for financing. Finally, the sixth step is to set a closing date. 2011 Toolwire, Inc. All rights reserved....
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