Learn to recognize the impact interest rates have on the length of loans.
- Let's do a role-playing exercise.…I'll be the car salesperson,…you be the car buyer.…Ah, you want to buy a car that costs $30,000 dollars.…No, no, no, there's your first mistake, my friend.…Let's not think about the price of the car,…let's think about those monthly payments.…The monthly payments you ask?…Yes, let me show you this nice car right over here.…With special dealer financing,…I can put you in this car…for just $584.34 cents per month.…No money down; you have one month until…you need to make your first payment,…you just sign right here,…and drive away in this beauty.…
Just $584.34 cents per month.…Now you're thinking, yeah, well,…that's about what I was thinking of paying per month.…The car looks a bit more expensive…than what I planned to buy, but, okay, I'll sign.…Now, I have illustrated an extreme example…of a shady salesperson, me,…and a gullible buyer, you.…A reputable salesperson is going…to show the car buyer all of the documents…that would make clear that the car buyer…was really buying a $40,000 dollar car,…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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