Archive for March, 2005
Household Finance Corp
March 11th, 2005
Question: World Bank invests in gas project (China)?
(China Daily, Aug 6, 2006) Xinao Group, China's leading private gas company, has secured a US$145 million investment from International Finance Corp to bankroll its US$300 million coal-to-dimethyl ether project.
IFC, the private lending arm of the World Bank, will loan US$135 million to the project and buy a US$10 million stake in it, Langfang, Hebei Province-based Xinao said in a statement posted on its Website yesterday.
The loan could be increased if needed, the statement said.
The project, situated in Ordos in the Inner Mongolia Autonomous Region, will be capable of producing 400,000 tons of dimethyl ether a year, or enough fuel for 2 million households, when it is completed in 2008 or 2009.
source:
http://www.zoomchina.com.cn/index.php?/content/view/10841/1/
Answer: 6 years of Republican crisis and failure, and people think communist China is a better investment than the United States.
Are you surprised?
Financial Advice : Finance: Household Budgets
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Finance Charge
March 10th, 2005
Question: Why am I charged finance charge before the bank was out any money?
I was approved for a car loan by a Bank. I took possession of the car let's say on July 1st. The car dealer released the car after signing a backup contract using their own financing.
The Bank sent the dealer the check on July 15 and it was cashed on July 20th. Is it OK for the Bank to effectively backdate my loan to July 1 and charge me interest for the time before the loan check was cashed or even issued? They did.
Answer: The loan starts the day you took possession of the car. You don't get to drive around free for 15 days. Why would you think that? How the bank processes the paperwork (sending/cashing checks) is up to them.
How to Operate an Accounting Calculator : How to Calculate Finance Charge by Average Daily Balance