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HES Module 3 Assignment Paper




Question;Part I (10 pts). Name and evaluate three financial institutions with respect to the services offered. Rate the institutions from "5" as the best for that service to "1" as the worst. After completing your table, discuss the banking services that are most important to you and which of the institutions you evaluated might best meet your needs. COMMERCIAL BANK:CREDIT UNION:OTHER (maybe online):SERVICES OFFERED1. Hours of operations - evenings, Saturdays2. Locations - proximity to work and home3. Fees/Minimum balance for checking accounts4. Fees for ATM usage5. Interest rate on savings accounts6. Interest rate on checking accounts7. VISA/Master Card available and annual fee8. Annual Percentage Rate on fixed-rate 30-year home loans9. Annual Percentage Rate on car loans10. Annual Percentage Yield on 1-year certificate of depositTOTAL SCORE FOR EACH INSTITUTIONPart II (10 pts) and Find a Credit Card (notice the drop down arrow of choices).2.Complete theCredit Card Comparison worksheet to help you compare credit cards.Name three cards and list the required information. 3.State your ultimate selection (do not tell me that you do not want a credit card since this is a hypothetical scenario).4.Summarize the process you went through. Indicate your selection criteria and discuss why this card best suits your needs.CREDIT CARD COMPARISON WORKSHEETQUESTIONCard 1:Card 2:Card 3:1.Annual fee2.Interest rate on purchases3.Interest rate on cash advances4.Transaction fee for cash advances5.Insurance on purchases6.Credit earned toward purchases at selected businesses7.Frequent flyer miles8.Free delivery on mail order purchases9.Phone card capability10.Credit limit available11.Other, if desiredPart III (5 pts)?Return to the Credit Card main page at and scroll to the bottom to select the calculator for ?The true cost of paying the minimum.? Assume that you are like a quarter of college students and have at least a minimum of $3,000 for your credit card balance (note that I would prefer you to use your actual balance if you indeed have a card with a substantial balance). ?Run the calculation using the interest rate from the card you chose in Part II (refer back to your completed credit card comparison worksheet). Enter the other requested variables. ?After calculating, the result will be an amortization table showing you how many months it will take to be rid of the debt (assuming you make no additional charges) and how muchinterest you will pay. Submit to the instructor your original stated assumptions along with the results. Discuss what you consider to be appropriate uses of credit and what you learned from this exercise.


Paper#48867 | Written in 18-Jul-2015

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