Friday, April 17, 2009
May not have been the best way to spend a 70-degree day in Marquette, but at least it was productive. It took a total of three hours between the loan guy's office and me running around and making copies of stuff for us to lock in a new refinanced interest rate -- a saving of 1.25%.
I always encourage students who are looking for money to spend the three hours to fill out the scholarship applications because three hours of work may mean a scholarship of $1000. Then I say "I'd like to find a job that pays me $333 per hour."
I think my (our) three hours of work today payed off. We are going to save anywhere from $180 to $300 per month.
180 x 12 = $2160/ saved year x 20 years = $43,200 saved over the life of the loan / 3 hours of work = $14,400 per hour
300 x 12 = $3600/saved year x 20 years = $72,000 saved over the life of the loan / 3 hours of work = $24,000 per hour
Works for me.
Posted by Haley