Question

Veronique and lily each bought a piece of luggage that had the same price in different stores. the table below shows how they will pay for the item. payment for purchases name payment type payment amount (including finance charges) number of months to pay for item veronique store financed $25 10 lily credit card $35 7 who made the better financial decision and why? veronique because her payments are lower. veronique because her final cost, including finance charges, is less than lily’s. lily because she is paying off her purchase sooner. lily because her final cost, including finance charges, is less than veronique’s.

Answer 1

According to the information in the Graph Veronique made a better decision than Lily because the final cost of her purchase is lower including finance charges (option B)

What is a finance charge?

A finance charge is an economic term that refers to additional charges made by finance companies (such as banks) to a transaction we make, such as a purchase.

In the case of Veronique and Lilly, they both bought the same suitcase with different prices. However, the better financial decision was Veronique's because she paid less ($25) for the same bag including finance charges.

While Lilly, despite having fewer fees, will have to pay $10 more than Veronique.

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