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Debate House Prices
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How good is your financial knowledge?
Comments
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Anyone care to explain how the APR answer was worked out? I got the desktop calculator out and tried to work it all out, but couldn't figure out how to do the calculation.0
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Anyone care to explain how the APR answer was worked out?
I just guessed !!!!'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
7/10
SGE1, BBC apologised for getting their sums wrong on the APR question when I filled out the quiz about an hour ago. Maybe you completed it while the error was there? :rotfl:
CLS0 -
I used Martin's minimum credit card calculator and got it wrong!0
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Anyone care to explain how the APR answer was worked out? I got the desktop calculator out and tried to work it all out, but couldn't figure out how to do the calculation.
I did it in my head but got it wrong, I worked it out as:
£500 x 18% = £90 interest
2% piad per month = £10/month so £120 a year
£120 year paid less £90 interest - £30 off the total owed
£500/£30 = just over 16 and a half years ie 16 years 8 months but obviously that was incorrect because I didn't allow for the fact that the 2% paid monthly reduces as time goes on (because the capital owed is reducing over time), so you pay off less per year, hard to work out accurately in your head, but easy in one way as you know its more than 16 years 8 months so must be the one answer that is longer0 -
7 - not bad considering I'm not a pensioner and I'm not expecting any inheritence ever
(I guessed the credit card and average saving account interest answers - they still count!)0 -
I got 7/10, i'm happy with that.In Progress!!!0
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7 for me, Credit card years (went for 16), interest rate and Winter fuel wrong
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
I got 6 which is much more than I thought; I was expecting (and probably deserve) a 4!0
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