Math

5. I like to keep all my money, so I pay only the minimum required payment on my credit card.

This statement does not make sense. Most credit cards have an interest rate. For example, I will use a $300 limit credit card with a minimum payment of $25 dollars and a APR of 24% (annual). I want to pay it off in 1 year.

A=p(1+r/n) ^n*y P=300 APR=0.24 n=1 Y=1

300(1+.24/1) ^1*1>> 300(1.24) = 372

I would end up paying $72 extra by the end of the year to pay my card in full.

6. If I can afford to pay for a car out of pocket, I should still take out a loan and make only the monthly minimum payments. That way, the money in my savings account will continue to grow

This sentence does not make any sense at all. Paying interest on a loan or anything, always ends up with the payer spending more out of pocket than they would paying in full or not taking out a loan period.

For a car loan of $3500 with an interest rate at 15% for 12 months (1 year), and payments being 291.66/mo.:

P=3500 APR=0.15 n=1 Y=1

3500(1+0.15/1) ^1=4025

I would end up paying $525 more for the loan.

My birthday is February 12th, therefore my initial investment will be $212. The formula I will use is the compound interest formula, to determine the value of this investment after 10 years at 3.5% APR (yearly, quarterly, daily and monthly). Compound Interest formula: A = P1 + rnnt. APY formula to determine increase: relative increase = absolute increase/starting principal

A= accumulated balance after Y years

P= starting principal P= 212

APR= annual percentage rate (as a decimal) APR= .035

n= number of compounding periods per year n= 1,4,12,365

Y= number of years Y or t= 10

Daily: A= 212(1+.035/365) ^365*10 >> 212(1.0001) ^3650 >> 212(1.440) = $305.28

Increase: 304.28-212= 92.28/212=0.4352*100= 43.52%

Monthly: A=212(1+.035/12) ^12*10 >>...