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Thursday, November 21, 2024    		 
Household Math™: Susan is loanly
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1. 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?
10 years, 8 months
15 years, 3 months
21 years, 10 months
27 years exactly
I don't know!



 

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