You have been appointed as a loans officer for the local state bank. One day a person walks intothe bank looking for loan to buy a new car. List items about that individual that you should findout before making a decision whether or not to approve the loan.
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You have been appointed as a loans officer for the local state bank. One day a person walks into
the bank looking for loan to buy a new car. List items about that individual that you should find
out before making a decision whether or not to approve the loan.
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- Case Study: You have been appointed as a loans officer for the local state bank. One day a person walks into the bank looking for loan to buy a new car. List items about that individual that you should find out before making a decision whether or not to approve the loan. Note: Provide reasons for your answer at each step. THE ENDSuppose you go to your local bank, intending to buya certificate of deposit with your savings. Explain whyyou would prefer this to offering a loan, at an interestrate that is higher than the rate the bank pays oncertificates of deposit (but lower than the rate the bankcharges for car loans), to the next individual who entersthe bank and applies for a car loanPrepare a service blueprint for each of these banking transactions: Make a savings deposit using a teller. Apply for a home equity loan.
- Directions: Go to websites of three banks (rural or commercial) and determine the interest rates on their savings or time deposit accounts NAME OF BANKS INTEREST RATES If you are to open a bank account in one of the three banks you listed above, which bank will choose? What are your considerations in choosing this bank? youShould this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor?A friend of yours is graduating college next month. He has had a credit card and student loans for the past few years, but he’s never bothered to check his credit report. 1)Why is it vital that your friend reviews his credit report? How soon would you recommend he does so and why? 2) Which sections of information in his credit report should he pay particular attention to given his situation?
- Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? ооооо Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. оооо APPROVED Physical appearance Character Political affiliation Capacity Religion 0000 MEGACREDIT Capital Extra 199 SIE TEL Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply. History of personal bankruptcy FICO score greater than 850 Absence of checking, savings, or other…Assume that you are nearing graduation and that you have applied for a job at a local bank. As part of the bank’s evaluation (interview) process, you have been asked to take an exam that covers several financial analysis techniques. The hiring decision depends on how you would answer the following questions: Part I: TVM Analysis. The first section of the test addresses time value money analysis.John andMaryareayoungcouple, who want to put their finance in order. Boththehusbandandthe wifeare27yearsagoandinstableemployment. They want to manage their savings and earnings to achieve a better return and reduce the risks. You want to help them with their financial planning by answering a series of questions as follows: ThegreatAlbertEinsteinoncesaid“Compoundinterestistheeighthwonderofthe world. He who understands it earns it...he who doesn't...pays it.” Whatisthefuture value of an initial $500 after 30 years if it is invested in an account paying 15 percent annual interest? What is the…Please answer both parts, a. The qualities you look for in a friend are the same qualities a lending institution hopes to find in you. Do you agree or disagree with this statement? Explain. b. Suppose you are a loans officer in a bank. List three questions you would want to ask a customer who has come in to borrow $15 000 to buy a new boat?
- Establish a credit history. After graduating from college last fall, Holly Baker took a job as a consumer credit analyst at a local bank. From her work reviewing credit applications, she realizes that she should begin establishing her own credit history. Describe for Holly several steps that she could take to begin building a strong credit record. Does the fact that she took out a student loan for her college education help or hurt her credit record?Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor or use caution?Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? DENIED 0000 SORRY! to you fra C cand hand Collateral Physical appearance Character Political affiliation Marital status Capacity e yo yhing ring you Bestar lates Onge y Bad news-your credit application was denied. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. Select reasons why you were probably turned down for credit. Check all that apply. Large amount of available credit relative to income False or misleading information on your application…
