Quote:
Originally Posted by jawright  Thanks for the help guys. I want to wait for the cash, except I've been offered this summer job that starts at the end of May and is kind of a big deal. I dunno if I'll be offered it again. That's why I'm wanting to start ASAP and get it done. |
Assuming you pay $1200/month towards the loan, you're looking at 3+ months of payments.
Even at a 10% interest rate you're talking somewhere in the nature of $80-$100 max in interest.
Quote:
Loan Balance: $4,000.00
Loan Interest Rate: 10.00%
Loan Term: 0.3 years (4 months)
Minimum Payment: $50.00
Monthly Loan Payment: $1,132.48
Number of Payments: 4
Cumulative Payments: $4,078.07
Total Interest Paid: $78.07 |
If knocking it out quickly is worth $80, I'd take a loan out
. It sounds like you need to finish ASAP?
That being said, following D-Dawg's advice, why not just save the $$ now. Based on how quickly you are saving can't you accompish your goal of a may time frame while paying in cash ($3,500 on hand now and $3,500 to save)?