Question

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

Veronique made the better decision, which has a lower total cost of ownership after finance charge, than Lily did, based on the information we have been provided with.

A finance charge is an economic phrase that describes extra fees added by financial institutions like banks to a transaction a person conducts, such a purchase or something similar.

Veronique and Lily in this instance both purchased the same suitcase at two different costs. Veronique, however, made a wiser financial choice because she spent less ($25) than Lily for the same bag, including finance charges.

Lily paid $10 more than Veronique despite having fewer fees.

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?

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