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9.0

90 Weekly Payments in 90 Weeks or 89 Weeks? (Real Scenario)

Asked by thyros in Puzzles & Riddles, Math & Science, Miscellaneous

Tags: money, finance, calendar, riddle, puzzle, payments

Here is a real life puzzle for you that needs tackling, which seems to have 2 different yet seemingly correct answers.

There is a loan payment system in some communities that is based on paying in weekly payments for a set and determined period, and then collecting your savings at the end of the term.

For example, a saver wants to deposit £500 a week, for 90 weeks, giving a grand total of £45,000 (500 x 90)

Sounds simple right?

Now lets say the term begins on Monday 29 October 2007 - and if you calculate 90 weeks from this date onwards, it comes to Monday 20 July 2009.

However, the saver made the last payment on the 13th July 2009 and says they have fulfilled their term of 90 payments / £45,000

But when you calculate the weeks up til 13th July 09, it equals 89 weeks and 0 days, whereas up til 20th July it gives you 90 weeks and 0 days exactly.

Yet, when you plot the payment week on week in a calendar it seems that 90 payments are completed in 89 weeks, not 90. What gives?

To confuse the situation further, savers rarely pay on the exact date week on week, often delaying it by several days on a regular basis. However, based on the existing information, what is the correct answer, when should the term expire, because one answer says 89 weeks, and another 90 weeks. In the written paper register that logs the payments made in, the 90th spot is missing a signature and tick to say it was paid.

Any ideas or thoughts on the situation would be appreciated. Thanks.

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20091111-EE-VQP-92 - Hierarchy / EE_QW_3_20090701_SELECT_ZONES

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90 Weekly Payments in 90 Weeks or 89 Weeks? (Real Scenario)

Asked by thyros in Puzzles & Riddles, Math & Science, Miscellaneous

Tags: money, finance, calendar, riddle, puzzle, payments

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