Tutor profile: Stacey F.
Subject: Basic Math
Drew has three apples and six oranges that he wants to share with his friends. If Drew wants to share with Ally, Reid, Luke, Emma and Eva, how should Drew divide up the fruit so that everyone receives an equal amount?
The total number of people is six (Drew, Ally, Reid, Luke, Emma and Eva.) There are six oranges so each friend can receive his/her own orange. Since there are only three apples, Drew can cut the three apples in half, giving each friend a half of an apple. Therefore each friend will receive one orange and one half of an apple to enjoy.
Subject: Personal Finance
Why is a credit score important?
Your credit score is what financial institutions, utility companies, rental agencies and various other entities use to determine how likely you are to make payments. Your credit score is based on five factors: 1) Payment History (35%) - As the biggest component of your credit score, your ability to make payments on time and as agreed (meaning pay at least the minimum due) is extremely important. 2) Credit Utilization (30%) - Your creditors give you a credit line with a limit and utilization is the amount of that limit that you are currently using. For example, a creditor might give you a credit line of $2,000 and you have a balance of $1,500. Your utilization is $1,500/$2,000 = 75%. Utilizations over 50% can negatively impact your credit score which is why it is recommended to keep your balance below 50% of your credit limit. 3) Length of Credit History (15%) - How long you have been in the credit bureau (meaning you have items reporting on your credit report) is important. History is a good indicator as to how you will handle yourself in the future. The longer you have an account, the more history that is available for the creditor to review and make a determination. It is important to minimize the number of new accounts you open in a short time frame and try to maintain your older accounts to help maintain your longevity. 4) New Credit (10%) - Opening multiple accounts at one time can send up red flags to creditors raising concerns that you are living beyond your means and using credit to supplement your income. Opening new credit is ok, you just need to be aware of how many accounts you are opening over what period of time. 5) Mix of Credit (10%) - There are four credit attributes to consider in the mix of credit: installment, revolving, secured and unsecured. Installment credit are accounts that are a fixed payment and fixed term meaning that you borrowed a certain amount of money that you agreed to pay back over a specific period of time at a specific payment amount. Examples of installment credit are auto loans, mortgages, student loans and personal loans. Revolving credit is an account where the creditor has agreed to give you a certain credit line that you can use indefinitely. You can make advances on the line, pay the amount off, advance more, etc. and your only requirement is to make the minimum payment. Examples of revolving credit are credit cards and lines of credit. Secured credit are accounts that are secured by collateral such as an auto, a home or cash. Unsecured credit are accounts that are not secured by collateral such as personal loans and credit cards. Knowing what effects your credit allows you to make better decisions when handling your personal finances. By maintaining a good credit score, you are more likely to obtain credit when you need it at a favorable rate. When your credit score falls, you are less likely to be granted new credit and, if you do receive credit, you will be paying a premium (higher rate) to borrow than individuals who have maintained satisfactory credit.
Taylor wants to get $225,000 for his house and the agent charges 20% of the selling price as her fee for selling the house. a) What price does the house need to sell for in order for Taylor to get $225,000? b) What will be the agent's commission (fee)?
To solve the problem: a) Set the Selling Price = x and the agent's fee to .20x (20% of the Selling Price) The equation would be: Selling Price - Commission = $225,000 x- 0.20x = $225,000 0.80x = $225,000 x= $225,000/.80 x= $281,250 The Selling Price = $281,250 b) The commission (fee) for the agent is 20% of the selling price: Commission = 0.20x = 0.20($281,250) = $56,250 You can check your work by entering the Selling Price and the Commission into the original equation: Selling Price - Commission = $225,000 $281,250 - $56,250 = $225,000
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