Quote:
Originally Posted by vudooca
Current Plan (rough)
Here is the rough payment plan table i made if i just decided to grind it out:
Month / $inject / Student loan /floating 5.35 per year /thus by month /thus by daily
Current 0 56393.66 3017.06081 251.4217342 8.267188418
May-15 22000 34393.66 1840.06081 153.3384008 5.042036066
Jun-15 4000 30393.66 1626.06081 135.5050675 4.455644729
Jul-15 2500 27893.66 1492.31081 124.3592342 4.089150144
Aug-15 2500 25393.66 1358.56081 113.2134008 3.722655558
Sep-15 2500 22893.66 1224.81081 102.0675675 3.356160973
Oct-15 4000 18893.66 1010.81081 84.23423417 2.769769636
Nov-15 2500 16393.66 877.06081 73.08840083 2.40327505
Dec-15 2500 13893.66 743.31081 61.9425675 2.036780465
Jan-16 2500 11393.66 609.56081 50.79673417 1.670285879
Feb-16 4000 7393.66 395.56081 32.96340083 1.083894543
Mar-16 2500 4893.66 261.81081 21.8175675 0.717399957
Apr-16 2500 2393.66 128.06081 10.67173417 0.350905372
May-16 2393 0 0 0 0
Thank you for taking your time in reading at least. I hope someone can chime in soon.
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By keeping your 300zx, you're technically putting more than $250 in interest. If you think about it, you're paying
$250 in interest
$200ish? in gas for a needless vehicle
$200ish? for insurance for a needless vehicle
possible maintenance for that vehicle.
That's almost $800ish every month.
I would replace that 22k you plan on dishing out with the money you get from selling your car. The interest, on top of that vehicle is eating away at you like cancer.
Now redo your plan with your car sold and the money that you would pay in gas, insurance and maintenance into it, and see how soon you'll pay off this loan.
Debt is the #1 most devastating thing to your finance. Unless the debt is rewarded once paid off, like a mortgage or a loan for a business, you should get rid of it ASAP.