Stvoider Posted September 12, 2011 Share Posted September 12, 2011 So no mathematical geniuses then. Is university challenge still on? Link to comment Share on other sites More sharing options...
BritPat Posted September 13, 2011 Share Posted September 13, 2011 Hi I borrowed £200 off my boss. He charged me £40 And i have to pay it back at £120 A WEEK Anyone work out a APR please... VI Principal = 200 Term =2 (weeks) Instalment =120 Rate= x After week 1 amount owed is Px-I After week 2 amount owed is Px^2-Ix-I = 200x^2-120x-120 = 0 solving quadratic in x we get x= (-b +/- sqrt(b^2-4ac))/2a =( 120 + sqrt(14400+96000))/400 = 1.1307 (4 dp) Therefore the Rate = x =1.1307 which is 13.07% pw Those of you that concentrated at school will be aware that there are 52 weeks in a year Therefore at a rate of 13.07% pw compounded for a year with no intervening repayments will yield a debt at year end of shut up at the back it isn't 52 x 13.07 % Original Loan X (1.1307)^52 = 200(1.1307)^52 =200 X 594 =118800 You will have paid back the Principal and 593 x Principal in interest therefore the APR 59300% HN and Chem1st got it right don't know if they worked it out themselves though ! Link to comment Share on other sites More sharing options...
BritPat Posted September 13, 2011 Share Posted September 13, 2011 So no mathematical geniuses then. Is university challenge still on? You don't need a mathematical genius to solve this basic numeracy will do. Unfortunately the numerate on here seem to be even rarer than the literate. Link to comment Share on other sites More sharing options...
crookesey Posted September 13, 2011 Share Posted September 13, 2011 Ask for sight of your boss's Consumer Credit Licence, if he hasn't got one tell him to stuff the repayments. Don't expect to be short listed for the employee of the year award though. Link to comment Share on other sites More sharing options...
HeadingNorth Posted September 13, 2011 Share Posted September 13, 2011 You don't need a mathematical genius to solve this basic numeracy will do. Unfortunately the numerate on here seem to be even rarer than the literate. I'm numerate, but in this case I'm also ignorant. I didn't know the formula. Solving quadratic equations is hardly "basic." I'm not even sure they teach that at GCSE level any more. Link to comment Share on other sites More sharing options...
chem1st Posted September 13, 2011 Share Posted September 13, 2011 I'm numerate, but in this case I'm also ignorant. I didn't know the formula. Solving quadratic equations is hardly "basic." I'm not even sure they teach that at GCSE level any more. When doing maths at A level, there was a Chinese student, good lad. However he only turned up to the first and the last lecture, he used to meet us after almost all of the lectures to go to the pub. He figured he didn't need to attend the lectures as he would pass the tests at the end of the year as he had covered everything in the Chinese equivalent of GCSE. Come the end of the year, he sat the tests with us all and came out with an A. Link to comment Share on other sites More sharing options...
BritPat Posted September 13, 2011 Share Posted September 13, 2011 I'm numerate, but in this case I'm also ignorant. I didn't know the formula. Solving quadratic equations is hardly "basic." I'm not even sure they teach that at GCSE level any more. When doing maths at A level, there was a Chinese student, good lad. However he only turned up to the first and the last lecture, he used to meet us after almost all of the lectures to go to the pub. He figured he didn't need to attend the lectures as he would pass the tests at the end of the year as he had covered everything in the Chinese equivalent of GCSE. Come the end of the year, he sat the tests with us all and came out with an A. You both underline one of the main problems with our State education system. In order to make as many people as possible to feel better about themselves GCSE and A levels have been modified to the point of being difficult to fail. The result is that School exams show nothing more than the fact that the candidate was conscious at the time of taking them. Maths, Science and Engineering courses at Universities often need 4 years now to teach what used to be taught in 3 years. Link to comment Share on other sites More sharing options...
chem1st Posted September 13, 2011 Share Posted September 13, 2011 You both underline one of the main problems with our State education system. In order to make as many people as possible to feel better about themselves GCSE and A levels have been modified to the point of being difficult to fail. The result is that School exams show nothing more than the fact that the candidate was conscious at the time of taking them. Maths, Science and Engineering courses at Universities often need 4 years now to teach what used to be taught in 3 years. Mate it's a disgrace, they actually dumbed the course down whilst we were doing it, and we complained, but it was a decision from the top. Likewise, they set the pass rates after marking papers, allowing them to always show a year upon year improvement nationwide. I know people with teaching qualifications whom struggle to add up and spell simple words (and they are getting £100+ a day teaching your children). Home schooling is the way forwards, unless standards improve. Link to comment Share on other sites More sharing options...
Lockjaw Posted September 13, 2011 Share Posted September 13, 2011 I know people with teaching qualifications whom struggle to add up and spell simple words What - like "who"? Link to comment Share on other sites More sharing options...
esme Posted September 14, 2011 Share Posted September 14, 2011 Mod Note Posts removed for discussing moderation. Link to comment Share on other sites More sharing options...
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