General Knowledge Quiz

[Jimbob52]

Is it anything to do with the 12 Days of Christmas, and counting the total number of presents? On Day 1, there is 1 present, on Day 2 there is 1+2 presents, etc. To total the number of presents, the sum is 1 + (1+2)/(2/2) + (1+3)/(3/2) etc all the way up to (1+12)/(12/2) (which is where the 78 comes from), to give a total of 364 (which is one less than the number of days in a year!).

A fascinating calculation but it's taking you in the wrong direction.

Try applying your 'sum of the digits' logic to interest on a loan . . .

 

[MotCO]

A fascinating calculation but it's taking you in the wrong direction.

Try applying your 'sum of the digits' logic to interest on a loan . . .

Compound interest calculation? Or possibly APR calculation?

Edit: Thinking about it could be APR because of 12 months in the year?

 

[Jimbob52]

Getting closer but not APR.

In order for the quiz to move on, I'll let this run for this evening and post a detailed answer tomorrow morning.

 

[Ian Smeeton]

I aways thought that it was the rule of 72, but....

It is the time taken to double your money with compound interest, whether a loan or savings.

eg 2% interest means that the capital will have doubled in 39 years ( 78 divided by 2)

Regards


Ian

 

[Jimbob52]

Getting closer but not APR.

In order for the quiz to move on, I'll let this run for this evening and post a detailed answer tomorrow morning.

The ‘Rule of 78’ was a method of apportioning a fixed interest charge over the life of a loan. It was preferred by lenders in situations where there was a possibility of early repayment.

Thus on a 12 month loan, with monthly repayments, the agreed interest payment would be apportioned as 12 divided by 78 in the first month (with 78 being the sum of the digits one to twelve), 11 seventy-eighths in the second month, 10 seventy-eighths in the third and so on.

Clearly, this favoured the lender if the loan was repaid early, particularly in the early months. I believe money lenders favoured this method.

Somewhat surprisingly, in 1971 the method was endorsed by a government committee on consumer credit (Crowther). This led to some lenders receiving windfall gains on early repayments. Since 2005 a combination of tighter consumer credit regulations and ‘contract unfair terms’ legislation has effectively ended the use of the rule.

MotCO was getting close to the correct answer so I suggest he should be given the choice of asking a new question or declaring Open Floor.

 

[Jona26]

From my days working for the loans part of a well known bank...it's to do with how inteterest is applied to a loan and the split in the (monthly) repayment between capital and interest.

(Edited to add...it essentially front loads the interest on the repayments.)

ISTR that it disadvantages a borrower to settle their loan early as they in effect would be repaying interest up front as opposed to the actuarial method which spreads the interest repayment more evenly accross the life of the loan.

It's been a long time so I may have got some of the detail wrong!

 

[MotCO]

The ‘Rule of 78’ was a method of apportioning a fixed interest charge over the life of a loan. It was preferred by lenders in situations where there was a possibility of early repayment.

Thus on a 12 month loan, with monthly repayments, the agreed interest payment would be apportioned as 12 divided by 78 in the first month (with 78 being the sum of the digits one to twelve), 11 seventy-eighths in the second month, 10 seventy-eighths in the third and so on.

Clearly, this favoured the lender if the loan was repaid early, particularly in the early months. I believe money lenders favoured this method.

Somewhat surprisingly, in 1971 the method was endorsed by a government committee on consumer credit (Crowther). This led to some lenders receiving windfall gains on early repayments. Since 2005 a combination of tighter consumer credit regulations and ‘contract unfair terms’ legislation has effectively ended the use of the rule.

MotCO was getting close to the correct answer so I suggest he should be given the choice of asking a new question or declaring Open Floor.

Thanks. I'm not sure I was close enough (although created some interesting theories!), so I will declare Open Floor.

 

[444045]

Which footballer currently holds the record for playing for 22 seasons in a row ?

 

[Jona26]

Sorry - for some reason the 2 posts before mine weren't showing to me!

 

[Trackman]

Ryan Giggs, but I thought it was 23, 22 were in the Premiership.

 

[Strat-tastic]

Peter Shilton.

 

[444045]

Ryan Giggs, but I thought it was 23, 22 were in the Premiership.

You are correct - Ryan Giggs is the answer - the floor is yours

 

[Trackman]

open floor

 

[Jona26]

If i may take this....In the world of confectionery who is Miss Sweetly and how is she connected to Peter Pan?

 

[MotCO]

Is Miss Sweetly one of the characters on the Quality Street tin?

 

[Jona26]

Is Miss Sweetly one of the characters on the Quality Street tin?

She is indeed - so what is the connection with Peter Pan? And bonus points if you know the name of the male character that appeared on the tin with her.

 

[Jimbob52]

To build on what MotCO has started, 'Peter Pan' was written by J M Barrie. He was a prolific author and playwright. Was one of his lesser known works titled 'Quality Street' with a character called 'Miss Sweetly'?

As regards the male character on the tin, I doubt he was called 'Mr Sweetly'. Perhaps MotCO could make an inspired guess for the bonus points.

 

[Jona26]

To build on what MotCO has started, 'Peter Pan' was written by J M Barrie. He was a prolific author and playwright. Was one of his lesser known works titled 'Quality Street' with a character called 'Miss Sweetly'?

As regards the male character on the tin, I doubt he was called 'Mr Sweetly'. Perhaps MotCO could make an inspired guess for the bonus points.

Correct on all fronts - apart from Mr Sweetly being wrong!

Harold Mackintosh named Quality Street after the J.M.Barrie play of the same name and the characters used to illustrate the packaging were named after characters in the play.

Last chance for the bonus points (or the Toffee Penny that always seems to be left at the bottom of the tub!)

 

[Jimbob52]

Sorry, I shall have to pass on the bonus points (unless your reference to the toffee at the bottom of the tub was a hint and it is 'Mr Penny').

 

[SteveM70]

He was called Major Quality

 

[Jona26]

He was called Major Quality

Correct - well done

 

[Jona26]

Although MotCO got the name of the chocolates and SteveM70 got the other character I think Jimbob52 got the bulk of the answer if you all agree Jimbob52 gets first pick from the sweetie tin!

 

[MotCO]

Although MotCO got the name of the chocolates and SteveM70 got the other character I think Jimbob52 got the bulk of the answer if you all agree Jimbob52 gets first pick from the sweetie tin!

I'm happy to step aside.

 

[Jimbob52]

Thank you. I doubt this question will cause any problems:

Which pop record of the 1980s:

- was inspired by a story in a teenage magazine
- was originally released as a ‘last track filler’ on side 2 of an album
- was described as ‘Des O’Connor music’
- gave a lead part to the Group’s teenage backing singer
- reached no.1 in both the UK and US?

 

[xotGD]

Don't you want me by The Human League

 

[MotCO]

Thank you. I doubt this question will cause any problems:

Which pop record of the 1980s:

- was inspired by a story in a teenage magazine
- was originally released as a ‘last track filler’ on side 2 of an album
- was described as ‘Des O’Connor music’
- gave a lead part to the Group’s teenage backing singer
- reached no.1 in both the UK and US?

Was it Whitney Houston?

 

[Jimbob52]

Don't you want me by The Human League

Is correct!

The floor is yours.

 

[xotGD]

The right music era for me!

Right. Which river is being described here:

"The river originates on Monte Falterona in the Casentino area of the Apennines, and initially takes a southward curve. The river turns to the west near Arezzo passing through Florence, Empoli and Pisa, flowing into the Tyrrhenian Sea at Marina di Pisa."

 

[perryman]

The River Po?

 

[MotCO]

River Arno