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Wednesday, July 24, 2019   
 
Articles about "Household Math"
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Household Math™: Average rate of return Household Math™: Average rate of return
by Scott Bilker
You haven't touched the money in your investment account for the past three years. The effective annual rate of return (how much the amount has changed over the entire year) has varied from year to year. The returns were: 7 percent gain in the first year, one percent gain in the second, and a 7.47 percent loss in the third. What is your average effective annual rate of return over that three-year period?
 
Household Math™: Semiannual Mortgage Payoff Household Math™: Semiannual Mortgage Payoff
by Scott Bilker
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 payoff the mortgage. What will the amount due be?
 
Household Math™: Mortgage Math Household Math™: Mortgage Math
by Scott Bilker
The interest rate on my mortgage is 7% APR with monthly payments of $623.00. The balance this morning is $59,200.00. My payment of $623 will arrive this afternoon and be credited to my account today. What will the balance be on the mortgage next month immediately after the monthly payment is applied to the balance?
 
Household Math™: Fast Mortgage Payoff Household Math™: Fast Mortgage Payoff
by Scott Bilker
Dear Scott, My question is, I want to pay my $138,000, 5.125% APR, 15-year mortgage, off early. We just refinanced. My first payment is July 7th. We plan on making one extra mortgage payment a year but I would like to add an extra $100.00 monthly to principal only. By doing these two extras, how early will I pay my mortgage off?--Leah
 
Household Math™: What does Jenna owe? Household Math™: What does Jenna owe?
by Scott Bilker
Jennafer read Scott Bilker's, Talk Your Way Out of Credit Card Debt and called her credit-card bank in the hopes of reducing her interest rate. Armed with the techniques from the book she was successful at reducing her rate by 5 percent to 9.9 percent! After doing the math she calculated that she would pay the debt back one year faster and save a total of $3,012! How much does she owe the bank--what is her balance now?
 
Household Math™: Debt Snowball (Myth or Magic): Paying Back Lower-Balance Cards First Household Math™: Debt Snowball (Myth or Magic): Paying Back Lower-Balance Cards First
by Scott Bilker
David Sheepsley has two credit cards with balances. Card A has a balance of $8,000 at 19.8% and minimum payments of $160 per month. Card B has a balance of $6,000 at 5.9% with minimum payments of $120 per month. David has a total of $400 per month to use for repaying his credit cards. What's the better plan for David?
 
Household Math™: Holiday Spending Household Math™: Holiday Spending
by Scott Bilker
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?
 
Household Math™: Minimum Payments Household Math™: Minimum Payments
by Scott Bilker
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?
 
Household Math™: Punch Me for Gas Household Math™: Punch Me for Gas
by Scott Bilker
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...
 
Household Math™: What is APR? Household Math™: What is APR?
by Scott Bilker
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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