This entry is to make up for a promise I made to a Prosper.com borrower a couple months ago. I loaned out some money at 28.00%, but I can't help but feel a little bad for anyone paying that interest. I advised them that they should try refinancing after a few months (perhaps if their credit improved, or they at least had created something of a reputation on Prosper.com), because it might save them some money. They asked how they could tell when to do that, so I said I'd put together a spreadsheet that would help.
So without further ado, here it is: Prosper Refinancing Decision Tool
That file is Microsoft Excel format, but you can always download Open Office (for free) to use it if necessary. If you want to share the file with anyone, all I ask is that you link to this blog post to do it rather than just sharing the file. It's possible that maybe someone will click on an ad and I'll get a little bit of revenue for the work.
Sunday, January 14, 2007
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1 comment:
Dude, nice work making Excel do discounted cashflows and numerical approximations to interest rate solutions! You're close to being able to make it do some serious financial math -- but then you'd have to make it completely general with respect to the number of periods, which eludes the finest of us. All in all, a fine contribution to improving the world's personal finances.
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