Money In/Money Out Use Your Noodle or Lose Your Money....

Answers for the noodle-impaired instructor

1. Take two apples from three apples and what do you have?
The operative word here is TAKE. You take two apples and you will have two apples.

2. If you had only one match and entered a room in which there were a kerosene lamp, an oil heater and a wood burning stove, which would you light first?
Until the match is LIT, nothing else can be.

3. A farmer had 17 sheep. All but 9 died. How many live sheep did he have left?
Only the 9 that DIDN'T die.

4. Two U.S. coins total 55 cents in value. One is not a nickel. What are the two coins?
The one that is NOT a nickel is a HALF-DOLLAR; the other one IS a NICKEL.

5. Two men were playing checkers. They played five games and each man won the same number of games. There were no ties. How can this be?
Nobody said the two men were playing EACH OTHER.

6. There are 12 one-cent stamps in a dozen, but how many two-cent stamps are there in a dozen?
A dozen is a DOZEN or 12.

7. Should you say "nine and eight IS sixteen" or "nine and eight ARE sixteen"?
9 + 8 = 17---> Whether you say "are" or "is" depends on the grammarian you consult! Either way is acceptable!

8. How many apples can you put into an empty bushel basket?
If you define empty as none, then after ONE apple, it is not empty is it?

9. A store display features: GOLDFISH STARTER SET regularly $39.99, on sale for $29.99. And, if you choose, you can have the sale price and make four monthly payments of only $9.99.

What is the cost of credit? _____________

No need for calculators here if you use your noodle. Round the sale price to $30 and the monthly payments to $10. The total amount paid will be $40. The difference between the purchase price and the total payment is $10. If you divide the difference by the purchase price, you will see that you are actually paying 1/3 the purchase amount for credit. IMPORTANT: Is that a high rate of interest? How do you know? What interest rates are you paying on other credit accounts? (probably 18-21%) NOTE: This example is not expressed as an annual percentage rate--that would be even higher. Using a financial calculator, you would find that making four monthly payments of $9.99 for a $29.99 purchase is the equivalent of paying 151% interest (APR).

_{North Carolina State University
College of Agriculture and Life Sciences
North Carolina Cooperative Extension Service
Family & Consumer Sciences Department}