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UGA / Finance / FINA 3000 / What are some ways to save money?

What are some ways to save money?

What are some ways to save money?

Description

School: University of Georgia
Department: Finance
Course: Financial Management
Professor: Christopher r.
Term: Spring 2017
Tags: finance
Cost: 25
Name: FINA 3000, Week 3 Notes
Description: Week 3 notes for Pope's FINA 3000. Includes current events.
Uploaded: 01/27/2017
9 Pages 93 Views 3 Unlocks
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If you want to learn more check out Where was the human with feline head found?

If you want to learn more check out Why is the bull lyre important?

Set calculator : [2nd] [PMT] “END”

        → [2nd]         [ENTER]        “BGN”                [calc]If you want to learn more check out How do you do a stem and leaf display?

* Flip back when done *

                                                        Don't forget about the age old question of What is meant by descriptive statistics?

                - max price to pay up front

                                - more not a good dealWe also discuss several other topics like Illustrate the correlation between niacin and nicotinamide.

Current Event:

  • Savings crisis
  • 2015 62% of american have savings < $ 1,000

Age > 50: ⅓ have $0

  • Baby Boomers: median $147,000 savings
  • Gen X: median $69,000

We also discuss several other topics like Give some examples of somatic cells.

Basic Ideas:

1) 3-6 months of living expenses in safe account

2) pay yourself first: invest before spending

Time Value of Money Pt III

  • Amortized loans: mortgages and car loans
  • Loan with equal payments

PMT = interest on loans + principal reduction

Ex: borrow $120,000 ; 30 years monthly PMTs, 8.4% APR

        a) monthly payment:          months

                                 /month

                        

                        

                                                        

                

                /month for 30 years.

                                ↓

                Interest + principle

        b) balance after 2 payments

                Left 360-2=358 left

        

                        left

  • Start off paying a lot of interest

                

                

                

Current Event

Dow Jones Industrial Avg (DJIA)

Milestone: closed above 20,000 for first time

  • 120 years old
  • Created by wall street journal
  • Reached 10,000 in 1999

        

        What is it?

  • Composed 30 large stocks (capitalization)
  • Not updated often

        

                        ⤷ .146021

        Issues:

  • Only 30 stock, so one company can influence                ⎫not a
  • Based on share price                                                ⎬great
  • Stocks with bigger prices have bigger impact        ⎭statistic

  • 20,000 has been a barrier

Life of Mortgage

  • Interest is a tax deduction

c) how much time is left on the loan when the balance reaches $60,000?

                                                        

         months

Extra paydown on principal

ex: $18.240, 60-month car loan, 12% compounded monthly

  • End of 2nd year, $2,000 direct payment
  • How much time remains?

a) monthly PMT:

        

        

                         months

                

        

        

        

b) extra PMT of $2,000

        Key: balance at end of 2 years (before $2,000)

        

        After 2 years:

                

                

                -----------------------------------------------------------

                

PV of annuity                

                        ← Payoff balance

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