About me

I'm a geek working as a distance learning specialist for a large corporation.

My Pandora "radio station" profile
This is my favorite way to listen to music now.

My Yahoo "radio station"
(Unfortunately, only works in IE.)

Shopping

Looking to purchase something online? Support Caddickisms by going through one of these links:

Caddickisms Store

Amazon.com

Calendar

June 2010
S M T W T F S
« May   Jul »
 12345
6789101112
13141516171819
20212223242526
27282930  

Topics

Posts by month

Around the site

http://www.chucknorrisfacts.com/ I haven't laughed this hard for a while. I fell off my brother's couch with tears streaming down my face as I tried to read these out loud to myChuck Norris will know if you read this

1500 Filipino Inmates Do Thriller - ectoplasmosis There is something disturbing about that guy playing "Michael Jackson's" girlfriend... actually there's something disturbing about the whole thing, but I just can't stopThrilling times for Filipino cons

I just recently found out that two of my brothers-in-law didn't know anything about the new Clone Wars movie or the TV series it's setting up. This post is forStar Wars: Clone Wars videos (and an Obi-Wan debate settled)

One or two of you may have noticed the frequency of posting here has dropped quite a bit in the last few months. I thought I'd comment on why... It's aWhere I've been

So I've been using the same laptop at work for years. It's actually not a bad laptop for basic business needs - a Latitude D620 - but given that IThe Good, The Bad, and The Desks

Orci & Kurtzman Tackle Man of Steel - Slice of SciFi Bryan Singer is in talks with writers for the next Superman movie, "The Man of Steel". Unfortunately, we have toSuperman returns... again

Hmm.... how do I do this without giving away spoilers? This was simultaneously the coolest and weakest of the three X-men movies. It earns coolest because it had some excellent battleReview: X-Men 3: The Last Stand

(Okay, there is a lot of YouTube in this post. I got a little carried away. If you're not seeing it 'cause your IT department is lame, come back whenMTV Yearbook - where does it take you?

Smallville will be back for an eighth season next year! But without Lex, and without Lana. Michael Rosenbaum and Kristen Kreuk are calling it quits after this year. Apparently they'reSmallville, Dr. Who, and Torchwood facts and rumors

As I mentioned in my last post, I've recently reconnected with a lot of friends from my high school youth group through the wonders of Facebook. It's been a lotFacebook points to the past, and I consider the future

This is a great idea. Eddie Izzard's Dressed to Kill stand-up routine is hilarious (though profanity laced). Matching the bits with Lego stop-motion animation turns out to be really funnyTuesday TubeWatch: Lego Izzard - Cake or Death?

The Second Chance DVD Steve Taylor is no stranger to controversy. His music in the '80s was unabashedly pointed at issues of hypocrisy and general laziness within Christian communities and itsReview: The Second Chance

It's very simple, really. They brought me this: I make jokes about awesomeness all the time. That is truly awesome. The dad in that video is a friend of mine from college.Why Facebook and YouTube are cool

Best Easter Bunny cartoon ever. Bar none. Bring on all contenders. Hope you have a happy Easter.Happy Easter Rabbit, Hooray...

Some of you know about the other site I had up, caddickscabin.com, that housed all my family pictures and some other stuff that less than nobody ever looked at. Well,Death of a domain: caddickscabin.com

Saving money thru the power of cluelessness

Earlier this year I had the windows in my house replaced. This cost more money than I had on hand, so I took the loan offered through the company who sold me the windows. Aside from an 11% interest rate, there were terms that would give me time to get a better loan at a lower rate, at which point I was going to pay off the original loan.

So, life happened and time went on. I was delayed in getting the new loan slightly, but managed to get it within a short time of the original loan beginning to accrue interest.

I called this morning to get the payoff amount for the original loan. They quoted an amount including $370 of interest. I said thank you, and hung up, ready to write a check.

Then I thought about it for a minute and realized that was way more interest than I expected, so I did some math. I computed it assuming either daily or monthly compounding, but no matter how I did it, I only came up with $160 of interest due.

$210 is a bit large of a discrepancy for me to swallow. I accept that I’m not a financial wizard, but that’s a rather big difference.

So I called back. I told them how I computed the interest and the difference I found, and asked them to explain what I was doing wrong. I knew it had to be something I was doing wrong, but I wanted to know what it was. She told me that the contract I signed was for an actuarial loan vs. a simple loan. I said, “ok. What does that mean?”

After being put on hold, the woman came back and said she’d have a loan officer call me to discuss. I said, “Great. I just want to know how the quoted payoff was calculated. Thanks.”

A few minutes later, the phone rang. It wasn’t the loan officer, it was the same lady again. This time she sounded tired… a little defeated. She reiterated that the contract I signed was for an Actuarial loan, but the loan officer decided to treat it as a simple loan, so my payoff would include just $160 of interest!

I was actually speechless for a second. A bank just ate $200 in revenue simply because I didn’t understand how an Actuarial loan worked, and they didn’t want to explain it to me. I’m positive that in reality they made no mistake in their calculations. They were legitimately owed the full $370. But simply because I asked how they got that number, I saved $210. That’s just awesome!

The lesson for today: if you don’t understand something, ask a question. Worst case scenario is that you’ll learn something. Or maybe you’ll save some dough!

Tags: ,

4 comments to Saving money thru the power of cluelessness

Leave a Reply

  

  

  

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge