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Philip S.

MBA Candidate at Vanderbilt University

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Personal Finance

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Question:

Which situation generates greater interest expense? A) $100,000 for 15 years at 5% B) $100,000 for 20 years at 4%

Philip S.

Answer:

B has a greater interest expense. While the actual rate is lower, the term for the loan causes the interest to accrue over a longer period.

Economics

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Question:

Consider a simple market for the exchange of coffee with the following supply and demand curve (I would provide a basic S&D graph showing the equilibrium at $5 and 10lbs of coffee, and at $6 demand for 5lbs of coffee and supply of 15lbs of coffee). If the government set the price of coffee at $6, what would be the effect of this price control?

Philip S.

Answer:

Based on the graph, at $6 suppliers would supply 15lbs of coffee while consumers would only demand 5lbs of coffee. This would result in a surplus of 10lbs of coffee. While the suppliers who are able to find consumers willing to pay the higher cost are better off, this price control creates a significant loss for the market because there are consumers will to pay less for the product and there are suppliers willing to sell it at that price.

Algebra

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Question:

Solve for x in the following equation: x ^ 3 - 2 x ^ 2 + x = -5 (x - 1) ^ 2

Philip S.

Answer:

1) Add the expression on the right side of the equation to both sides so that we have one expression equal to zero: x ^ 3 - 2x ^ 2 + x + 5 (x - 1) ^ 2 = 0 2) Factor out a x from the left portion of the expression: x ( x ^ 2 - 2 x + 1) + 5 (x - 1) ^ 2 = 0 3) The resulting quadratic is the square of an equation. It can be simplified as follows: x (x - 1) ^ 2 + 5 (x - 1) ^ 2 = 0 4) Now factor out x+5 (x + 5) (x - 1) ^ 2 = 0 5) We can now solve each of the two components for x as follows: x + 5 = 0 or (x - 1) ^ 2 = 0 6) We end up with two possible solutions to the equations: x = -5 or x = 1

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