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 Tuesday, December 6, 2022
 Articles about "Household Math" <31 to 40 out of 58 articles>
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 Household Math™: Home Refinance by Scott Bilker Brooke wants to refinance the balance on her home mortgage. She still owes \$125,000 at 7% after paying 36 monthly payments of \$859.77 on her 30-year loan. She gets approved for a refinance at 5.5% for a 20-year loan with 2 points and \$2,000 of closing costs. Brooke rolls the cost of all the refinancing into the new loan. How many months with the new refinance must pass before Brooke starts saving money with the new loan?
 Household Math™: True Rate of Transfer Offer by Scott Bilker You're offered a balance transfer from one of you current credit lines. The offer is for 4.99% fixed with a one-time 4% transfer fee. You transfer \$5,000 and pay \$100 per month until the loan is repaid. What is the true APR for this loan when you include all interest rate charges and fees?
 Household Math™: Susan is loanly by Scott Bilker Susan just left her boyfriend Jim because he didn't want to get married. Susan originally planned to buy an investment property with Jim but that plan is over. She decides to go ahead and get the house herself. She gets approved for a 30-year, 7% APR loan with payments (principal and interest) of exactly \$800.00. Susan decides, after making the first monthly payment of \$800.00, that starting the next month, and until the loan is complete, she is going to add one crisp dollar bill to the monthly payment. So her next payment will be \$801, then \$802, and so on. How long will it take her to repay the loan?
 Household Math™: Cheaper Gas vs. Savings by Scott Bilker Jenny lives 30 miles from where she works. Her car gets 22 miles per gallon. Jenny works 5 days a week, every week in the year--no holidays or vacations; that hurts! Last year she added up how much she spent totally for gas which equaled \$885.65. She likes to get gas at the closest gas station for convenience but this comes at a cost of 5 cents more per gallon. If she bought all her gas for the year at the lower-priced gas station, how much would she save in one year?
 Household Math™: House Painting by Scott Bilker Dave and Jennifer just got married. They each have a little debt from student loans and decide to earn extra money on the weekends by painting. If it takes Dave 15 hours to paint a house, and it takes Jennifer 10 hours to paint the same house, how long will it take if they both worked on it together?
 Household Math™: Future Savings  by Scott Bilker Kelly wins \$25,000 in the lottery and decides to put this money away for the future. She deposits the cash in a money market fund and expects to earn an average of 4% for 10 years. Kelly's younger sister, Audrey, wants to accumulate the same amount of money as Kelly in 10 years but Audrey doesn't have \$25,000 lying around. Audrey decides to make monthly deposits at the same bank as Kelly and she expects the same rate of return. How much does Audrey have to deposit each month to have the same amount as Kelly in 10 years?
 Household Math™: Pizza Deals  by Scott Bilker Ann and Sharon are good friends each with a son that has the same birthday. They're going to have a birthday party for both of them together and decide to serve pizza. There are three sizes available small (11 inch) for \$7.95, medium (15 inch) for \$12.95, and jumbo (17 inch) for \$16.95. Which size pizza is the best deal?
 Household Math™: A penny paid is more than a penny earned by Scott Bilker How much is a penny really worth? When it comes to repaying debt it is certainly true that every penny counts! Say you have a \$100,000 mortgage at 7% for 30 years. The monthly payment is \$665.30. How much money would you save by adding just one cent to your monthly payment?
 Household Math™: Cell Phone Plans by Scott Bilker Brandon is getting his first cell phone and is trying to decide which plan to take. After review all the details the cost comes down to two options: (Plan 1) \$59.99 per month for up to 500 minutes and (Plan 2) \$89.99 per month for up to 1000 minutes. Both plans cost an additional \$0.35 per minute if he goes over the monthly limit. Brandon wants to know, the minimum number minutes he must use, to make it worthwhile to select plan 2 over plan 1?
 Household Math™: Biweekly Payments by Scott Bilker You borrow \$25,000 at 8% for 5 years to remodel your kitchen and bathroom. Your loan requires 60 monthly payments to completely pay off the loan. After you get the loan, one of your friends tells you that you can save money by making payments more frequently...
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