Jump to content

Mathematical Genius Required


Recommended Posts

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

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. :hihi:

 

I'm numerate, but in this case I'm also ignorant. I didn't know the formula. :cool:

 

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

I'm numerate, but in this case I'm also ignorant. I didn't know the formula. :cool:

 

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

I'm numerate, but in this case I'm also ignorant. I didn't know the formula. :cool:

 

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

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

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.