Read each of the above truth in lending disclosure statements and answer the questions that follow.

1. what happens to the interest rate after six months for credit card #1? 2. which credit cards have an annual fee? 3. is the grace period the same for each of these credit cards? 4. what fees does credit card #3 have that the other cards do not? 5. let's assume that you pay your credit card bill on time and you pay the balance each month. which credit card is the best for you? 6. let's assume that you have a balance from time to time. which credit card is the best for you?

Agood for which demand increases as income rises is and a good for which demand increases as income falls is

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u.s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.