8/7/18 homework

Dear Students,

Answer the questions and hand it in tomorrow. 

Level 1: Please answer questions 1-2
Level 2: Please answer questions 1-4
Level 3: Please answer questions 1-5

**All homework must be signed by a parent.**

Directions: Read the paragraphs and answer the questions on the next page.

Mark is a professional athlete, who makes $360,000 per year. He has 12 open accounts. Three of these are mortgages for his houses. A year and a half ago, he had a late payment on one of those mortgages. The others have all been paid on time. Four of his open accounts are car leases which have all been paid on time. The other 5 accounts are credit cards. He made two late payments on one of those cards within the past 6 months, but he has paid the others on time. All of the cards carry a balance of more than 50% of the limit.

Chris is a computer technician making $50,000 a year. He only has one credit card that has been open for just over a year. He has paid this on time every month. It currently has no balance. He has two collections from medical bills from over two years ago, but they have been paid off.

Jessica is a nurse who makes $60,000 a year. She has six open accounts. One is a mortgage that she has had for two years and always pays it on time. The other five accounts are credit cards that she has had for at least four years. She had one late payment on one of those cards 3 years ago, but otherwise, all are paid on time. One of the credit cards has a balance of 10% of the limit; the others have no balance.

Steve works for the city making $40,000 a year. He has two credit cards. He has had each one for three years. He made a payment on one of the credit cards more than 60 days late within the past year. That credit card currently has a balance of 80% of its limit. He made two payments more than 60 days late on the other credit card within the past two years. The second card currently has a balance of 75% of its limit. He used to have a car loan, but he could not afford the payments, so he let it get repossessed nine months ago.

Yolanda is in pharmaceutical sales making $70,000 a year. She has five open accounts. One is a mortgage that she has had for five months and pays on time every month. She also has a car loan that she has paid on time every month for two and a half years. The other three accounts are student loans that she has had for six years. One of those student loans had a payment that was 30 days late, but all other payments have been on time.

Credit Score Ranges:                  300-620          620-680          680-700          700-740          740-850

1.    1. Which credit range should Mark be in?

2.    2. Which credit range should Chris be in?

3.    3. Which credit range should Jessica be in?

4.   4. Which credit range should Steve be in?

5.   5. Which credit range should Yolanda be in?