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Articles about
Math And Money
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Link
to more articles at bottom of page |
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Household
Math™: Holiday Budget
Kim
has decided to spend an average of $16 for gifts on each of her
eight friends for the holidays. So far she's spent $17 on Scott, $14
on Ralph, $12 on Linda, $22 on Pete, $11 on Gary, and $20 on Grady.
How much can she spend, on average, on her remaining two friends
Mark and Tom?
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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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