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Saturday, June 12, 2021   
 
Articles about "Math and Money"
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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?
 
Household Math™: Is biweekly better? Household Math™: Is biweekly better?
by Scott Bilker
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?
 
Household Math™: Timing Is Everything Household Math™: Timing Is Everything
by Scott Bilker
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)?
 
Household Math™: Which Mortgage is Better? Household Math™: Which Mortgage is Better?
by Scott Bilker
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?
 
Household Math™: Job Offers Household Math™: Job Offers
by Scott Bilker
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?
 
Household Math™: Cutting the budget Household Math™: Cutting the budget
by Scott Bilker
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?
 
Household Math™: Cash Flow Household Math™: Cash Flow
by Scott Bilker
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?
 
Household Math™: What Happened to the Other Dollar?  Household Math™: What Happened to the Other Dollar? 
by Scott Bilker
Three men checked into a hotel room and were charged $30 for which they paid $10 each. The next day, the manager realized that the men had been overcharged since the real price is $25 for the room. The manager gave the bellhop $5 to return to the three men. On the way to their room the bellhop decided to keep $2 for himself so he wouldn't have to make change. The bellhop gave $1 to each man. The three men had now paid $9 each, or a total of $27. This, plus the $2 the bellhop kept for himself, makes a total of $29. What happened to the other dollar?
 
Household Math™: How Much Spending Household Math™: How Much Spending
by Scott Bilker
Jackie wanted to figure out how much money she actually spent this month. She looked at all the checks she wrote and her credit card spending. Jackie noted that she hadn't used her credit card for purchases. However, she did write a checks for: (1) $50 for cable TV; (2) $125 for groceries; (3) electric bill for $200; and (4) a minimum payment on her credit card of $80. How much did Jackie spend this month?
 
Household Math™: Fast Pay Mortgage Household Math™: Fast Pay Mortgage
by Scott Bilker
You have a $100,000 mortgage at 6% APR for 15 years. How many extra monthly payments must you send each year to be able to pay off this loan in exactly 5 years? Note: All extra payments are sent along with the year's last monthly payment.
 
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