Big loan worth it?http://forums.roadfood.com/tm.aspx?m=742311(c) Roadfood.com Discussion Board30Re:Big loan worth it? (BobbyVang) Hmm thanks for the math. I think I'll just build one then for about 700$ then haha. Thanks for the very detailed post.<br>http://forums.roadfood.com/FindPost/742321Fri, 07 Jun 2013 02:17:27 GMTRe:Big loan worth it? (Foodbme) <blockquote class="quote"><span class="original">BobbyVang</span> <br>Do you think it's worth getting a 2500$ loan for a Hotdog cart in a city of 510,000 population? It'll be a 9.50% rate of charge per year. Main population I believe is Mexicans and Asians. <br></blockquote> <br>The REAL cost of that loan: <br>Let's assume you are required to pay it off in a year. <br>Let's assume it's simple interest, (Which it won't be) <br>The total cost of your loan would be $2738. <br>Your monthly payment would be $228. <br>Let's assume you make a NET PROFIT of a $1 a dog, after ALL your expenses,like food cost, insurance, propane, paper products etc., (but BEFORE you make the loan payment) <br>It will take the sale of the first 228 hot dogs just to pay for the loan before you put any money in your pocket.<br> If you sell 30 dogs a day, it will take 7.6 days to pay for the cart loan each month. <br> 60 dogs a day, 3.8 days<br> 100 dogs a day, 2.3 days<br>Now, YOU decide if it's worth it.<br>http://forums.roadfood.com/FindPost/742320Fri, 07 Jun 2013 01:57:34 GMTBig loan worth it? (BobbyVang) Do you think it's worth getting a 2500$ loan for a Hotdog cart in a city of 510,000 population? It'll be a 9.50% rate of charge per year. Main population I believe is Mexicans and Asians. <br>http://forums.roadfood.com/FindPost/742311Fri, 07 Jun 2013 00:11:11 GMT