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Jumat, 19 November 2010

How Do I Calculate Finance Charges

Having some knowledge of how to calculate finance charges is always a good thing. Most lenders, as you know, will do this for you, but it can helpful to be able to check the math yourself. It is important, however, to understand that what is presented here is a basic procedure for calculating finance charges and your lender may be using a more complicated method. There may also be other issues attached with your loan which may affect the charges.

The first thing to understand is that there are two basic parts to a loan. The first issue is called the principal. This is the amount of money that is borrowed. The lender wants to make a profit for his services (lending you the money) and this is called interest. There are many types of interest from simple to variable. This article will examine simple interest calculations.

In simple interest deals, the amount of the interest (expressed as a percentage) does not change over the life of the loan. This is often called flat rate or fixed interest.

The simple interest formula is as follows:

Interest = Principal × Rate × Time

Interest is the total amount of interest paid.

Principal is the amount lent or borrowed.

Rate is the percentage of the principal charged as interest each year.

To do your math, the rate must be expressed as a decimal, so percentages must be divided by 100. For example, if the rate is 18%, then use 18/100 or 0.18 in the formula.

Time is the time in years of the loan.

The simple interest formula is often abbreviated:

I = P R T

Simple interest math problems can be used for borrowing or for lending. The same formulas are used in both cases.

When money is borrowed, the total amount to be paid back equals the principal borrowed plus the interest charge:

Total repayments = principal + interest

Usually the money is paid back in regular installments, either monthly or weekly. To calculate the regular payment amount, you divide the total amount to be repaid by the number of months (or weeks) of the loan.

To convert the loan period, 'T', from years to months, you multiply it by 12. To convert 'T' to weeks, you multiply by 52, since there are 52 weeks in a year.

Here is an example problem to illustrate how this works.

Example:

A single mother purchases a used car by obtaining a simple interest loan. The car costs $1500, and the interest rate that she is being charged on the loan is 12%. The car loan is to be paid back in weekly installments over a period of 2 years. Here is how you answer these questions:

1. What is the amount of interest paid over the 2 years?

2. What is the total amount to be paid back?

3. What is the weekly payment amount?

You were given: principal: 'P' = $1500, interest rate: 'R' = 12% = 0.12, repayment time: 'T' = 2 years.

Step 1: Find the amount of interest paid.

Interest: 'I' = PRT

= 1500 × 0.12 × 2

= $360

Step 2: Find the total amount to be paid back.

Total repayments = principal + interest

= $1500 + $360

= $1860

Step 3: Calculate the weekly payment amount.

Weekly payment amount = total repayments divided by loan period, T, in weeks. In this case, $1860 divided by 104 weeks equals $17.88 per week.

Calculating simple finance charges is easy once you have done some practice with the formulas.

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Mortgage Rates Predictions - What the Charts Are Telling Us

Mortgage rates have a lot to do with how well the economy is performing. When mortgage rates go up, people can no longer afford to invest money in new properties. This, of course, brings a slow down to the building trade and it also means less money will be flowing through the economy.

On the other hand, when mortgage rates go down, more people are able to buy homes. The further down rates fall, the lower the income needed to buy homes. When homes are being bought, the building trade flourishes and this stimulates the economy in many ways.

Remember high interest rates?

It's been 20 years since we've seen double-digit mortgage interest rates. Going back to the late '70s and early '80s, double-digit mortgage rates were the norm. It wasn't until about 1985 after the Reagan administration had put an end to stagflation and the misery index that haunted the Carter years, that mortgage rates found buoyancy at around 7%.

Since that time, mortgage rates have fluctuated between 9% and about 5.5%. All in all, it has been a long stable interest rate environment that we have enjoyed over these past years.

Higher or lower?

Now, the question is where do interest rates go from here. By reading the charts, we will attempt to predict their future movement, just as if we were reading the commodities charts to get a handle on which way the price of soybeans were headed. Then, we're going to make a prediction about another commodity that is sure to be shocking!

At this time, it is wise to make a disclaimer. First, no one can truly predict the future and second, any world event can change what the future looks like now in a heartbeat. Also, you can't overlook the fact these unforeseen world events can happen out of the blue. With that behind us, let's take a look at charts.

The past 18 years

Throughout the '90s, interest rates on 30-year fixed mortgages ranged between 9% and 7%. At the time George W. Bush took office, the average 30-year mortgage rate was 8.75 %. From here, it eased downward steadily through the first George W. Bush term. It actually hit a low of 4.75% in late 2003. Here, interest rates ranged between 6.5% and about 5.5% for the next 3 years. This was an uncommonly stable interest rate environment and it was one of the reasons the housing market became red hot, and yes, overbought.

In 2006, the trend broke above 5.5% to about 6.5%, but rates never went any higher. Now, the interest rates are hovering around six percent and trending downward.

Reading the charts

The technical trader, that is, one who trades commodities by reading charts, would certainly believe interest rates, since they are heading downward, would have to once again test the low of 4.75%. It will be important to see if a double bottom is made at 4.75%. If this bottom is made, interest rates will go up.

Because of underlying fundamentals of the market, for instance the Fed trying to lower interest rates to stimulate the housing market, it seems much more likely interest rates will break through the 4.75% low once they arrive there. If they do, a new downward trend will be on the way. Just how much lower interest rates could get, is anybody's guess. However, it certainly isn't out of the question we could see 4% 30-year fixed mortgage rates sometime before this downward trend ends.

4%!

Historically speaking, 4% is a very low interest rate, but at this time it truly looks like we are much more apt to see 4% than a higher number, like 7%. So, for what it's worth, this is my prediction. We will see the interest rate on a fixed 30-year mortgage somewhere down around 4% before an inflationary aspect of the economy takes over.

Where you think this inflationary aspect will come from? Well, here is another prediction and you may find it more astounding than the first one!

The impossible dream

It's all over for the crude oil rally. Crude oil is overbought! There is no reason for crude oil to be trading above $100 a barrel. Like the tech stock boom of the '90s and the housing market bubble of a couple years ago, it is a rally that cannot be sustained forever!

It's anybody's guess as to what the true market value of crude oil is right now. However, to think it is somewhere between $50 and $60 a barrel would be logical. However, when prices fall they tend to go through the true market value before they float back up to it.

If this crude oil market bubble burst follows the same modus operandi normal market bubble bursts follow, I can't see why it is impossible to see $35 a barrel crude oil again; at least for a little while.

What would this mean for the price of gas? Maybe $1.49 a gallon? Well this may seem totally out of whack with what we're hearing constantly coming from our news reports day and night, don't think it can't happen.

Back to reality

Certainly, there will be a time when $100 will not be too high a price for a barrel of crude oil. There will come a time when $3.50 is not too much for a gallon of gas. However, the charts are telling us that time is not here yet.

So, cheap gas, like the JFK, Ronald Reagan and George W. Bush tax cuts will stimulate the economy, and like the Bill Clinton Tariff agreements, it will make the cost of living lower which will make more goods affordable to the public. These things, though healthy for the economy, will bring on some inflation and this will break the interest rate downtrend.

I know these predictions seem pretty goofy and maybe they are! Still, my strategy is to believe they will happen and if they don't, at least I'll be happy believing them for now. Then again, if they do happen, we'll all be happy!

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Skin Care – How to Get Rid of Brown Spots

Changes in skin coloration are a normal part of the aging process. But many people find brown spots, also known as "liver spots" or "age spots", to be unattractive. These spots that often appear on the back of the hands are caused by sunlight exposure or chronic bruising of the skin.

If you have unwanted brown spots, dark spots or dark patches spreading on your face or other places, and you want them to vanish completely, giving your skin lasting clarity and beauty, then you'll want to treat your brown spots with our Miracle Cure.

Epilators like Silk Epil from Braun remove hair from the root, and so they are similar to waxing, as waxing also removes hair from the root. However, you may get more in-growths if you use these machines, so you should scrub your body with a pumice stone while bathing to counter this problem. You need to give more details about the brown spot. Is it a freckle or is it a mole? How big is the spot? If it is a mole, you should visit a dermatologist.

Prevention is the easy part—apply sunscreen to your hands, arms, face, and scalp (if not covered with hair) every day, whether you plan to go outside or not. You see, sun damage comes in two forms: UVA and UVB. Ultraviolet A rays are known as “aging rays”; UVA sunlight makes up 90-95% of all sunlight that reaches the earth’s surface. It penetrates windows of houses and cars; it gets through clouds; it’s present 365 days a year. Even more troublesome is the fact that UVA exposure is “silent”. You don’t get a tan or sunburn from UVA exposure. UVB rays, also called “burning rays,” cause tanning and burning of the skin, so you know when it’s happening. Enough said? So from this day forward, you’ll apply sunscreen with an SPF of 30?
A laser generates and intense beam of light. This beam brings energy to a specific site, through a small hand piece connected to the laser. The laser light is absorbed by oxyhemoglobin (bright red blood cells carrying oxygen) and melanin/pigment (black or brown pigment found in the skin) causing decomposition or destruction by heat of unwanted cells while leaving healthy cells intact.

Microdermabrasion is another way to remove brown spots. By gently abrading the skin with ultra-fine crystal particulates, microdermabrasion can reduce unwanted pigmentary changes and age spots. It can also benefit our acne patients.

The face, neck, chest and hands are the most popular areas to treat. A progressive series of 5-8 treatments are gently performed 2-4 weeks apart. Peels are often combined with microdermabrasion producing even better results.

Laser is the best way to remove moles. It is good that you have visited a doctor since moles can be the symptoms of other problems. Since that is not the case, simply get them removed through laser.

Sunscreen, protective clothing, and sunglasses help prevent further sun damage. Exposure time in the sun should be limited and seek shade when outdoors. Try to avoid outdoor activities between 10 am and 3 pm, when the ultraviolet rays are strongest. See a dermatologist yearly for a skin examination to check for any abnormal moles or skin cancer.

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What is Laser Skin Resurfacing

Laser skin resurfacing is a cosmetic procedure used to treat wrinkles and skin irregularities, typically on the face. It utilizes concentrated light beams aimed at the skin and pulsing in a short pattern to burn away the layers of skin. This procedure is sometimes called a laser peel or lasabraision.

Types of Laser Skin Resurfacing

There are two main types of laser skin resurfacing currently being used by cosmetic surgeons. CO2 laser resurfacing uses ultrapulsed, or short pulsed, light energy and scans the area to remove the skin's layers. It can be used on most facial abnormalities, including enlarged glands, skin cancers, warts, scars, birthmarks, and wrinkles. It works best on abnormalities that are somewhat superficial.

Erbium laser resurfacing is used for deeper wrinkles on the face and other areas of the body. This technique causes fewer side effects than the CO2 laser and also has a shorter recovery time. Those treated with a CO2 laser typically have a two-week recovery time, while the erbium laser requires only one week of recovery time.

The Procedure
The procedure is typically the same no matter what type of laser is used. Laser skin resurfacing is an out patient procedure and begins with local anesthesia to block the pain. Some doctors will administer sedatives as well to keep you calm during the procedure. A full-face treatment takes between an hour and a half and two hours, while a partial procedure is done in 45 minutes or less.

The Recovery
Recovery takes between one and three weeks. Most patients are able to return to their normal activities as soon as their pain allows, but the treated area will be red and tender for a few weeks after treatment. Be prepared for the fact that the treated area will both look and feel like a moderate sunburn after treatment, complete with peeling skin, itching, and burning sensations. This is normal, and it will fade with time.

Wound Care
Laser skin resurfacing burns away the damaged skin layers, so it does create a slight wound. The area that is treated will be covered with a dressing immediately after the procedure. This will be removed within three days of the procedure in most cases. After this, patients will cleanse the area several times a day with a saline solution, and then cover it with an ointment as prescribed by the doctor. This prevents any unsightly scabs from forming. After 21 days at most, the area should be healed.

Once the wound has healed, most patients notice a slight pink color to the skin. This is temporary, but it can last as long as six months, so most patients choose to wear a concealing makeup over the area. As long as the wound is healed this is fine.

Complications
As with all medical and cosmetic procedures, there is a chance of complications with laser skin resurfacing. Some patients will experience milia, which looks like small white bumps on the healing area. These can be gently removed with a damp towel.

Sometimes patients will have increased or decreased pigmentation in the area treated. This can be bleached or covered with makeup. If you have laser skin resurfacing near your mouth and have ever had a cold sore, it may come back. Anti viral medications can prevent this, but talk to your doctor first.

Some patients will have a bacterial infection as a result of the procedure. Some doctors will recommend a preventative antibiotic before and after treatment. This is particularly important for patients who have lowered immunities.

The treated area will swell after the procedure. If you sleep on an extra pillow, this can reduce the swelling. Ice can also be used to treat swelling. Scarring is possible, but not very common. Finding a skilled, highly qualified physician to perform the treatment will lessen the risk of scarring and other permanent side effects from the treatment.

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