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Name: FORMTEXT ?????Date: FORMTEXT ?????School: FORMTEXT ?????Facilitator: FORMTEXT ?????5.02 Paying for Major PurchasesDetermine the BEST way to pay for each purchase.1. Jack and Marcus have just graduated college. They roomed together at State University and now want to continue their friendship by sharing an apartment close to their new jobs in the city.Should Jack and Marcus rent an apartment or purchase a house? FORMTEXT ?????Explain your choice: FORMTEXT ?????2. Madelyn’s parents paid for her first two years of college, but her dad lost his job, and now they can’t pay for her final year. Madelyn is distraught and thinks she may have to drop out of college. Which type of loan could help Madelyn? FORMTEXT ?????3. Rosalyn is a single mother with two children ages 3 and 5, and she lives paycheck to paycheck. She is trying to save money for a Christmas present for each of her children. She does not have a checking account or a credit card. She wants to get each child a bicycle with a character from their favorite TV show, but the bikes are $100 each. She only has $50 and is afraid that by the time she saves another $150 those bikes will have sold. What payment option would recommend to Rosalyn? FORMTEXT ?????Explain your choice: FORMTEXT ?????4. Ava is a college student, who received a full academic scholarship. As a reward for her hard work in high school, her parents gave her $75,000 they had been saving to pay for her college. Ava put $10,000 in her checking account as an emergency fund, and is investing the rest. Yesterday, her car broke down. The mechanic says it will cost $4,000 to make the repairs. Her car is paid for, and she could probably sell it for about $3,000. Brainstorming, Ava came up with the following options:Repair her current carSell her car and use the $3,000 as a down payment for a new car. Sell her car and use the $3,000 plus some of her emergency fund for a used carWhich of these options would you recommend for Ava? FORMTEXT ?????Explain your choice: FORMTEXT ????? ................
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