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| Articles about
Household Math
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| Link
to more articles at bottom of page |
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Household
Math™: Minimum Payments
 Mary
has a balance on her credit cards of $10,000.00. The interest rate
on that debt is 9.99% APR. Her bank has a minimum payment policy of
2% of the balance or $15 (whichever is greater). If Mary makes
minimum payments to this credit card how long will it take her to
repay the debt entirely?
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Household
Math™: Punch Me for Gas
 Out
of the three gas stations in as many blocks, the middle price ranged
gas station offers a punch card. For every two gallons of gas
purchased, you earn one punch on the card. When you reach 100
punches, you are entitled to your choice from a variety of free
goods from their store including...
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Household
Math™: What is APR?
 If
the monthly rate of interest is 2 percent, then the APR is 24
percent. What is the daily rate (one day is the period) if the APR
is 14.6 percent?
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Household
Math™: Is Biweekly Better?
Here are two mortgages: (Loan 1)
Standard mortgage for $166,792 at 6% for  30
years with monthly payments of $1,000.00 or (Loan 2) A biweekly
mortgage for $166,792 at 6.1% for 25 years with biweekly payments
(once every two weeks) of $500. Which mortgage is better?
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Household
Math™: Timing Is Everything
 Out-of-pocket
cost versus payment timing; what is the effect? Here are three
$2,000 loans that are paid off in exactly one year: (1) payments of
$180 per month for 12 months; (2) eleven monthly payments of $100
and a final payment of $1,060; (3) monthly payments one through five
are $100, the 6th payment is $1,060, and the remaining monthly
payments are $100. Which loan is best (i.e. has the lowest interest
rate)?
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Household
Math™: Which Mortgage is Better?
I am trying to decide whether to refinance my home mortgage (again).
We would like to reduce the time to payoff and are considering a
15-year loan at 4.75% APR. We currently owe $166,312 with 341
payments of $1,060 left at 6.375%. The new loan generates 180
payments of $1,293. If I just took the extra $233 and paid toward my
current loan would I be better off?
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Household
Math™: Job
Offers
You have to choose between two
different job offers for the same four-day period.  The
first job pays $5.00 each day for the four days. The second job pays
$1.00 for the first day, and each day after the first, you will be
paid twice the amount you received the previous day. Which job will
pay you the greatest amount?
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Household
Math™: Cutting The Budget
Susan spends 30% of her income on
housing expenses, 30% repaying her credit card debts, 20% on all
taxes, 10% on groceries, 5% on clothing, and saves what's left over.
She decides that she wants to pay back her debt more quickly and to
do that she needs to do a few budget cuts.  Susan
cuts the grocery bill by 25%, the clothing spending in half, and
dedicates all the money she used to save toward the credit card
debts. How much, by percentage, of her income is now being used for
repaying credit card debt?
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Household
Math™: Cash Flow
 Kim
is trying to save $800 for tuition. She makes brings home $60 per
week. Kim also has a total of $160 of out-of-pocket expenses each
month. How many months will it take her to save the money needed for
tuition?
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