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Advanced time value of money   An advertised monthly lending rate of 0.9% is about 11% per year. This difference between an advertised rate and the annualized rate is based on finer TVM details that may be overlooked by borrowers. Discuss how you may have used TVM in a recent investment or loan decision and explain some of the TVM details that may have been involved in your transaction. If you have not used TVM in the past financial transactions what practical TVM application would you expect to encounter in your future. (focus on this )   Response briely to this discussion answer: Sometimes with loans or credit cards, lenders can have hidden fees or add-ons for late payments which may make their advertised rates seem less than the actual annual rate which is charged. It’s important to research and read the small print for this reason when making a decision about lenders or even for savings. I had to do this when applying for a loan. If I had gone with the loan that was offered to me for the items I wanted then I would have paid not only for the advertised rate but also fees and if I defaulted then I would have to pay additional fees and the rate may have increased.  I chose to go with the bank where I had an account at the time because my savings deposits would accrue interest and the loan payments would just come out of my account each month.  The rate at the bank was also lower than the other rate because I had an account with them.   Prof Carter and Classmates, Once my son was born we decided we wanted to start some sort of savings account for him, for the future.  We explored our options and decided to go with a CD’s and we then had to decided which bank to go with.  We first looked at the bank I work at and our rate was only 1% for 5 years and then we looked at our credit union and for 5 years at 2%. It was definitely common sense which bank we decided to invest our son’s money into especially when we are earning more money in the end.  I personally feel that it is pretty sad how low interest rate is on products when it comes to earning interest on your money, hopefully it will come back up soon.  

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