Gateway Sold a Big-Screen TV and Entertainment Center to Iris

question 24

Essay

Gateway sold a big-screen TV and entertainment center to Iris for $2,000 on credit.Iris signed a promissory note and gave Gateway a security interest in the TV and entertainment center.Gateway filed a financing statement in the appropriate public office.When Iris defaulted on her monthly payments owing a balance of $1,780,Gateway's attorney made arrangements to have the TV and entertainment center repossessed.The attorney then placed classified ads in the local newspaper to sell the goods.The attorney's fees are $300,the repo company charged $150,and the advertising costs are $50.
(A)
If Iris chooses to redeem the property,how much must she pay to Gateway to recover the property?
(B)
If Iris does not redeem and the TV and entertainment center are sold for $1,750,how will the money be disbursed?

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Definitions:

Past Memories

Recollections of personal experiences or events that have occurred in an individual's life.

Levels of Processing Model

A theory suggesting that memory retention is a function of the depth of mental processing, with deeper processing resulting in longer-lasting memory storage.

Elaborative Rehearsal

A technique for memory enhancement which involves deeply processing the item to be remembered by linking it to existing knowledge.

Levels of Processing Model

A theory that suggests memory retention is directly related to the depth of mental processing, with deeper levels of analysis leading to more meaningful connections and better recall.