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 Sunday, August 11, 2024
 Page 2; Free Content Library stories continued... (0 Comments) This question from a DebtSmart Reader, Margie: I purchased property for \$27,515.00 at 7.5% for 8 years on a semiannual payment of \$2318.00. The first year, three payments were made of \$2,318.00; we have paid three years so far. This year, on our due date, we would like to pay off the mortgage. What will be the amount due? (\$16,965; \$18,695; \$21,297; or \$22,297) NOTE: Assume that the third payment in year one was made with the second payment.  (0 Comments) Rachel was telling Jack about her romantic date with Dave. Jack is a man that is more concerned with the cost of the frolic than the details of their amorous evening. Jack asked Rachel how much the tab was for food only (tax included). Rachel was too focused on Dave to remember the amount for the actual dinners, but she did remember tipping the waiter 16% and that the final bill, tip included, was \$159.50. Jack was quite amazed that Rachel would remember so much, but not recall the cost of the dinner before the tip. Of course, Jack knows his math and can easily figure it out. Can you? What is the cost of the dinner before the tip? (\$137.50, \$140.25, or \$142.25)  (0 Comments) You have \$10,000 that you want to deposit in a money market account. You have a choice between two accounts. Both accounts pay 5% APR (Annual Percentage Rate). One account is compounded daily, meaning that interest is paid daily to the account. The other is compounded monthly meaning that interest is paid monthly. After one year, how much more is earned by depositing the money in the account that is compounded daily? (\$1.05, \$10.05, \$100.05, or \$1,000.05)  (0 Comments) Let’s take a close look at an offer I just received from my Barclay Card. This offer came with a cover letter with the details of offers as well as more specifics on the reverse side plus four checks (blue and white) that I can write out to whoever I want. It is largely do to offers like this one that I’ve not only been able to borrow money at 0% for more than 15 years, but also have been able to earn money from my credit cards.  (2 Comments) Results are in and it’s clear that the President Obama was the top choice for DebtSmart readers in every question. Based on reader comments, much of this support, from people that are looking to trim their debt and manage their finances, seems to be because they feel that Republicans are out of touch with average Americans and that President Bush and the Republicans are the source of today’s economic problems.  (1 Comment) How many times have you walked out into the parking lot of a supermarket and spotted a penny on the ground? Plenty of times no doubt. You might bend over to pick one up if you see Lincoln staring at you, but for the most part you just keep walking by.  (1 Comment) Many people may say that shedding debt is common sense: Pay for everything in cash and don’t incur any debt. Yeah, sure, easily said when you have a household income of 70 to 80 thousand (and no kids). Obviously the best way to handle your finances is to pay for everything with cash. Not everyone has that luxury.  (0 Comments) Believe it or not, I know people that have revolving credit-card debt in amounts of \$6,000 or more with rates over 20% and they’re not interested in getting a better rate. That’s just crazy! The first defense against being gouged for high rates and fees is finding new creditors.  (0 Comments) Wondering if that new loan is really going to be worth it? Find out how each component of every new loan affects the bottom-line cost and ensure that your refinance is truly saving you money!  (0 Comments) Sandy finds a bank willing to give her a 30-year, fixed-rate mortgage. They require her to give a 20% down payment on the purchase of her home. The interest rate (APR) is 8.4%, and she must pay 1.5 points, which will be rolled into the mortgage. After property taxes, PMI, etc., Sandy can afford \$1,500 per month on the mortgage payment. What is the maximum price of the home that she can purchase? (\$212,000, \$222,000, \$232,000, or \$242,000)

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