Submit a Household Math™ Question
by Scott Bilker
Do you have a really good Household Math™ question? Whether it's a problem that you want to share or a problem that you need the answer to we are interested!
Household Math™: Sale or gas savings?
by Scott Bilker
How much are you really saving to be there for that sale? This is a true situation at our house. My wife drives a Dodge Ram, it gets 12 mpg (miles per gallon). Gas in our area is $2.45 per gallon. The mall is 18 miles each away. If she cuts back and only goes to the mall once a week, instead of twice a week, how much would she save in one year? (Steve, DebtSmart Reader, submitted this question.)
Credit Card and Debt Statistics Database
by Scott Bilker
Do you want to know the average credit card debt for families? Want to learn who has the most credit cards and how many? Find the numbers, and the sources, for credit and debt! The most complete online database of credit card and debt statatisics.
Household Math™: How Much House
by Scott Bilker
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?
Household Math™: Working for Gas
by Scott Bilker
You work full time. That's five days per week (8 hours per day). The commute to work is 100 miles (round trip) each day. You average 25 miles per gallon. Fuel costs $4.05 per gallon. How much of your net hourly pay goes to fueling your car?
Household Math™: Dollars Saved Per Hour
by Scott Bilker
Jack read Scott Bilker's book, Talk Your Way Out of Credit Card Debt and put the call strategies to use. He called his Citibank card and got a $49 annual fee waived! The call took 17 minutes. If Jack could get that result from all his calls, then how much could he save, on average, per hour from calling his credit card banks?
Household Math™: Cash Advance Savings
by Scott Bilker
Scott, I have an offer to write a check in any amount at 1.99% APR with a 3% fee of the check. I would like to make a transfer to a credit card for $3,400.00 on which I am now paying 11.24% interest. I’m currently paying $100.00 per month toward this debt. After adding the 3% fee, how much I will save by doing this? I would appreciate any help or insight to my question. Thank you. Sandra
Household Math™: Compounded Daily vs. Monthly
by Scott Bilker
You have $10,000 that you want to deposit in a money market account. Both accounts pay 5% APR (Annual Percentage Rate). One account is compound 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?
Household Math™: LTV
by Scott Bilker
A lender agreed to make a loan based on a purchase price of $250,000 with a 90% LTV. If the property appraises for $250,000, what is the mortgage amount?
Household Math™: Before the tip
by Scott Bilker
Rachel was telling Jack about her romantic date with Dave. Jack is a man that is more concerned with the cost of the frolic then the details of their amorous evening. Jack asked Rachel how much the tab was for food only. 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?
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