MSE’S ‘Academoney’ support discussion thread

edited 6 July 2021 at 4:15PM in Student MoneySaving
50 replies 13.3K views
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  • edited 4 June 2020 at 4:58PM
    jen49jen49 Forumite
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    edited 4 June 2020 at 4:58PM
    Massive thank you Martin for your Academoney Open University Open Learning course. I've just completed the course and achieved my certificate and badge. Very informative and easy learning. Timing perfect during lockdown as I was running out of things to keep my mind interested. Some of the in-course questions are tricky but they make you think! Keep up the good work. Jeff Wilson
    Hi Jeff
    can I ask you where did you find the badge and certificate - finished the course yesterday and neither are showing on my profile OU in fact it says I haven't even started yet

    #40 Save £1 a day for Christmas 2020 £109/366
    #9 Save 12k in2020 £3705/12000.00
  • edited 5 June 2020 at 6:58PM
    ajmoneyajmoney Forumite
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    edited 5 June 2020 at 6:58PM

    Hi,

    I wondered if anyone can help with this question please?  I can't understand how the figures for loans 3-5 were reached and therefore why 5 is the cheapest?  

    You are buying a vacuum cleaner costing £100. But you need to borrow the money to buy it. You are offered a series of choices to borrow the money. Which loan would you choose?

    • Loan 1: pay back £120 at the end of the year.
    • Loan 2: pay back £115 at the end of the year.
    • Loan 3: pay a £10 arrangement fee and then equal monthly repayments; the interest rate is 5% per annum.
    • Loan 4: pay a £5 arrangement fee and then equal monthly repayments; the interest rate is 8% per annum.
    • Loan 5: pay equal monthly instalments at an interest rate of 7% per annum, plus a final charge of £3.

     Answer

    Which loan did you choose? You may be surprised to discover the cheapest loans are Loans 4 and 5. The issue is that people do not like complexity and so often opt for higher-priced products where the pricing is simpler. For comparison, here are the total costs of each loan option:

    • Loan 1 costs £120
    • Loan 2 costs £115
    • Loan 3 costs £112.70
    • Loan 4 costs £109.40
    • Loan 5 costs £106.80

    Thank you


    I got stuck with this too.  I will look at the other answers people have provided and see if I can come up with the answers.  I decided just to carry on anyway in case it was explained later.
    I am going through the investment section now and feel like my brain is going to burst.  I really want to understand it all but right now my brain is yelling STOP!
    2022 MFW No. 70 £2260/£1500
    MFiT-T6 No. 70 £4484.22/£22787.04
  • ajmoneyajmoney Forumite
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    jen49 said:
    Massive thank you Martin for your Academoney Open University Open Learning course. I've just completed the course and achieved my certificate and badge. Very informative and easy learning. Timing perfect during lockdown as I was running out of things to keep my mind interested. Some of the in-course questions are tricky but they make you think! Keep up the good work. Jeff Wilson
    Hi Jeff
    can I ask you where did you find the badge and certificate - finished the course yesterday and neither are showing on my profile OU in fact it says I haven't even started yet


    I have just finished the course and am wondering this too, is yours showing yet?
    2022 MFW No. 70 £2260/£1500
    MFiT-T6 No. 70 £4484.22/£22787.04
  • edited 6 June 2020 at 5:26PM
    jen49jen49 Forumite
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    edited 6 June 2020 at 5:26PM
    ajmoney said:
    jen49 said:
    Massive thank you Martin for your Academoney Open University Open Learning course. I've just completed the course and achieved my certificate and badge. Very informative and easy learning. Timing perfect during lockdown as I was running out of things to keep my mind interested. Some of the in-course questions are tricky but they make you think! Keep up the good work. Jeff Wilson
    Hi Jeff
    can I ask you where did you find the badge and certificate - finished the course yesterday and neither are showing on my profile OU in fact it says I haven't even started yet


    I have just finished the course and am wondering this too, is yours showing yet?
    No not showing yet ajmoney -just checked again and its showing now so I guess it just takes time to up date
    #40 Save £1 a day for Christmas 2020 £109/366
    #9 Save 12k in2020 £3705/12000.00
  • Ph0ebeBPh0ebeB Forumite
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    Just signed up. Hi everyone!
  • ElleWoodsElleWoods Forumite
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    I've just signed up too! Looking forward to learning a bit more about finance. 
  • trishamaldontrishamaldon Forumite
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    How do I sign up
  • MollyRMollyR Forumite
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    Have you not looked at the first post in this thread?
  • MSE_MollyMSE_Molly MSE Staff
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    Hi everyone! How are you all getting on?
    Well, I completed the course yesterday and received my badge and statement of participation today! It was a great feeling!
    Who else has managed to find time to complete it?
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  • StarbriteStarbrite Forumite
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    I have just signed up and about to start the course :) excited and nervous at some time I am dyslexic and hate maths!
    Aspiring to be financially independent.... from my parents!
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