Question: 1. List two good reasons to borrow and two unnecessary reasons to borrow.
2. What are two types of consumer credit?
3. What is the difference between a credit and a debit card?
4. A few years ago, Simon Powell purchased a home for $110,000. Today, the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming that Simon can borrow up to 80 percent of the market value, what is the maximum amount he can borrow?