Suggest a suitable source of finance to make the following consumer purchases - Junior Cycle Business Studies - Question 3 - 2019
Question 3
Suggest a suitable source of finance to make the following consumer purchases.
Purchases
Source of Finance
House
Car
Groceries
Worked Solution & Example Answer:Suggest a suitable source of finance to make the following consumer purchases - Junior Cycle Business Studies - Question 3 - 2019
Step 1
House
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Answer
A suitable source of finance for purchasing a house is a Mortgage or a Long term loan. Mortgages are specifically designed for real estate purchases and typically have lower interest rates compared to other loans.
Step 2
Car
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Answer
For buying a car, a Hire Purchase or a Medium term loan is advisable. This allows the borrower to obtain the vehicle while paying for it over time, usually with manageable monthly payments.
Step 3
Groceries
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Answer
When it comes to groceries, using a Credit card or a Bank overdraft is appropriate. This method provides flexibility to purchase necessary food items while managing payment over time.
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