Byying a corn stove to cut heat cost
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2006-08-18 |
EricsCC ROI:
| 12% |
| Status History |
| Aug 18, 2006 |
Current |
I am requesting a loan for $2,500 To buy a Multi-fuel corn stove to help heat my home. I live in Michigan,and winter is coming. So are high heating bills. Last year it cost me $3,406.57 to heat with LP Gas. It was a total of 673 gallons of LP last year. Because 1 Bushel of corn (which costs $4) equals 5 gallons of LP gas (which costs $10.45), I can save roughly 60% of my home heating costs through this purchase. Thus, the $2,500 corn stove should nearly pay for itself in less than two years. I also feel good about buying American (corn) products and keeping our dollars in the U.S. heartland. I work for Wal-Mart full time and make $23,000 a year (~$1,917 per month). I have worked in the same Wal-Mart store in(Michigan) for 11 years and have been a department manage for over 7 years. I anticipate using my tax refund to repay this loan in April. Last year I got $2,600 back as a tax refund and my tax situation is very similar to last year. Obviously, it makes sense for me to buy the corn furnace before winter in order to get the bulk of the savings.
My home is not in my name yet, but I own it and my rent is $0. I just pay the taxes on it every year. My other expenses include: Child support $434 a month Gasoline to get to work $130 a month Electric $45 a month LP for heat $283 a month So, this loan would greatly reduce my second largest expense every month. Payment for this loan will come out of my checking account each month. I invite you to consider helping me make this investment and welcome your funding. |
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