Personal Finance - August 2007

Joe won a lottery jackpot that will pay him $12,000 each year for the next ten years. If the market interest rates are currently 12%, how much does the lottery have to invest today to pay out this prize to Joe over the next ten years?
Mary just deposited $33,000 in an account paying 10% interest. She plans to leave the money in this account for seven years. How much will she have in the account at the end of the seventh year?
Mary and Joe would like to save up $10,000 by the end of three years from now to buy new furniture for their home. They currently have $2500 in a savings account set aside for the furniture. They would like to make equal year end deposits to this savings account to pay for the furniture when they purchase it three years from now. Assuming that this account pays 8% interest, how much should the year end payments be?
Show all work for each assignment and explain each step carefully.
Develop personal financial goals based on an understanding of the process for making personal financial decisions.
Demonstrate the concept of the time-value of money through the use of examples.

2007-08-19 12:59:24 · 3 answers · asked by Angel 2

If a person buys a home and use's their foundation
name instead of their own, are they trying to escape
paying property taxes or are they trying to hide
something.

2007-08-19 12:29:39 · 2 answers · asked by RudiA 6

There are two college-age adults and one high school student in the family, as well as two full-time working adults in the family. I have no access to this information, so I have to estimate. How much is reasonable for monthly welfare payments?

2007-08-19 11:53:41 · 9 answers · asked by lirael1019 1

My credit is pretty bad - lots of unpaid credit card debt. I worked for the US Gov. for less than a year back in '01, and would like to get another job working for the gov. Will my bad rating affect my ability to get a job, even if there is no security clearance requirement?

2007-08-19 11:48:19 · 6 answers · asked by Anomaly 17 4

thats what it said in the paper today anyway.

2007-08-19 11:27:41 · 8 answers · asked by louise d 6

young or do you have to be over 60yrs?also if you have a mortgage do your payments go up if you release some of your homes value by taking cash from the company or do they only take the payments from you when you either sell it or die???im very confused?????

2007-08-19 11:02:36 · 2 answers · asked by donna 2

I want to volentarily turn my vehicle into the bank. From what I understand, the car will be auctioned off and the bank will send me the bill for the balance. So, say I owe 16k on it and the bank sells it for 10k, then I get a bill for 6k? Right? How relentless are banks in pursuing the balance? I know they probably reserve the right to pursue legal action to get the bill paid, but do they often do this? How likely is the bank to eventually stop collections and just write the balance off as a loss? I dont want the car anymore, I cant afford the monthly payment anymore and I am so upside down it, I cant privately sell it and hope to ever get close to what I owe on it. I know this will ruin my credit, but my credit is already trashed, I don't really care at this point.

2007-08-19 10:51:16 · 6 answers · asked by Anonymous

every time i have it i spend it i just dont know how to hold on it

2007-08-19 09:50:17 · 15 answers · asked by Anonymous

2007-08-19 09:26:28 · 5 answers · asked by Anonymous

Same applies to savings, are they?

If yes, that's PRETTY MESSED UP. It's not bad enough you only get 5 cents on the dollar you have to be taxed on that too? PLEASE taxation has always been well above 5 cents on the dollar, so why should you be paid less than the government taxes you? (Ok, that left my point, back to the question)

So, are CD gains taxable? From my understanding, all transactions with a papertrail are taxable.

2007-08-19 09:22:41 · 7 answers · asked by Smartass 4

Okay ya'll, I need some help once again, Does anyone have any ideas how I can get 2000 dollars very quickly, like within the next couple days. Please only answer if you have a real idea. Thanks for your help, this is really important.

2007-08-19 09:16:10 · 4 answers · asked by Tracy Y 2

Are they just stupid?

A measly 5% a year, for holding your money and not letting you access it? Especially when most start at $2,500 minimum. Our expenses yearly (obviously) far exceed this, and we lose more than 10-15% to buy ANYTHING just by NOT buying things in bulk. Wouldn't you save a lot of money just by shopping around than 5%?

Can't you just resell things on eBay for much more?

2007-08-19 08:57:22 · 14 answers · asked by Smartass 4

2007-08-19 08:56:41 · 7 answers · asked by coolgal 2

I'm considering opening a checking account with my financial aid money from school. However, I have a few thousand dollar judgement against me, and I don't want them coming after the money in my new checking account. Even though I will be depositing a few thousand in the new bank account, I need it to live on for the next 5 months. I'm really not trying to evade the judgement, or hide my assets, just go to school. I do plan on paying the judgement eventually.

My only other assets are a used vehicle which kelly blue book lists at $4500 for private sale value.

I'm trying to find the exact guidelines which will ensure my checking account is collection proof, but I've had no luck locating such information online.

Any Indiana law gurus out there that could help me out would be greatly appreciated!

Thanks for reading!

2007-08-19 08:41:27 · 2 answers · asked by Scared Debtor 1

I gave a check to someone just over six months ago and I am a little ticked he hasn't deposited it. Will his bank honor the check? It is Wells Fargo I believe and I am with Wamu. I am not about to reissue the check to him if they don't as it was a gift and not something owed to him.

2007-08-19 08:28:35 · 16 answers · asked by Hindwarf 1

Will the party come to an end when foreign investors start to pull out their money from our economy? The subprime lending scare may be just the opening salvo across our bow.

2007-08-19 08:16:05 · 8 answers · asked by Anonymous

2007-08-19 07:49:59 · 4 answers · asked by Anonymous

I have sold my car on eBay. The buyer has paid the required deposit on-time. They cannot pay the rest of the balance until I charge them the selling price (minus the deposit). How do I charge them the rest of the balance?

2007-08-19 07:27:23 · 3 answers · asked by Joshu@ 5

my husband works long hours at minimum wage,if he had to give up his overtime he would only be £20 better off than some benefit claimers,does this sound fair

2007-08-19 06:54:50 · 15 answers · asked by Anonymous

Please write the sites you were used .

2007-08-19 06:44:51 · 2 answers · asked by amir_artw2007 1

Okay, so here's the deal. Going thru a divorce right now and my ex hadn't been paying the vehicle as he should have ~ kept deferring payments to the end of the loan and now we still owe $11,000 on a '96 van. Horrible, huh? Gets worse. My parents are on this van loan. My mom is very ill with cancer and because hubby and I are divorcing, having his name on this loan is driving my dad insane. Literally. Even better, that ex of mine didn't pay state taxes in three years so now I can't even drive the thing cuz there's a lien on the registration!!! I moved out of the state we had been living in several months ago, and now am really looking hard for a resolution to this. My old banker had once let it slip they they would be willing to settle for less. Should check with my new bank to see if they would be willing to finance it for me? Several months ago, I had applied for a loan to get the money for the lien but was denied, but this would be secured. Do you think there is hope? Better idea?

2007-08-19 05:58:10 · 5 answers · asked by Anonymous

i am unable to play videos in my laptop. what format should i download to play videos in my comp

2007-08-19 05:30:58 · 5 answers · asked by suresh r 1

is the original party on the note removed? If the person assuming the note defaults, would it affect the original party?

2007-08-19 05:23:12 · 3 answers · asked by Ms. Gump 3

is there a place where I can put all my credit cards, car loan, and personal loan in one and play a lower intrest rate and maybe lower my monthy bill? Please help I am up a creek with a paddle

2007-08-19 04:55:45 · 6 answers · asked by mlscsp2 1

2007-08-19 04:29:27 · 9 answers · asked by Rama d 1

Do I go to the bank and tell them I want to open a Roth and contribute to it, or do I go to the bank with a certain sum of money...say $1000. and tell them I want to open a Roth.
How does it work? Do you contribute to it monthly and what is the smallest amount you can open a Roth with.
I dont get how it works. I hear its a good investment idea.

2007-08-19 04:26:07 · 1 answers · asked by happydawg 6

I recantally had a bit of a brake down and got a loan to go on holiday.. I dont regret doing it as it was the best time i had. The only thing now is i have lost my job as the company closed. I'm going back to college in september and although i have aplied for LOADS of new jobs i havent got one. I need one part time to go round my course i even tried agincys and temp work to get some cash.

I started doing the avon but noone seems to be orderthing and i have to pay for the brusures an to join up and if i dont get any commisiion im going end up paying them insted of thm paying me!

My problum is i have been having to take a overdraft out to pay off my payments to my loan.

I need to raise some extra chash to try and start making payments back to my loan soes anyone have any idears?
Im open o anything (please no funny comments like sell myself extra)

2007-08-19 04:02:18 · 13 answers · asked by drinky16 3

Do they charge a fee or are you required to spend a percentage of your paycheck there?

2007-08-19 03:59:52 · 9 answers · asked by fallon051799 2

2007-08-19 03:29:52 · 10 answers · asked by cool_dude 1

A few years ago I consolidated my credit cards to a MBNA loan which is at a ridiculous APR (20% or so).

How can I get out of this loan and pay this debt off with a lower APR?

2007-08-19 03:05:13 · 5 answers · asked by Anonymous