I saw your last comment and wanted to provide you with an Excel sheet showing the implications of not counting the principle payments as cash flows when they are received.我看见您最近的评论，希望为您提供了一个Excel的资产负债表的影响不指望的原则支付现金流量时，收到。
In this sheet I have included a situation where there is a hypothetical Prosper account that is made up by one loan that will be paid in full and on time.在这片我已列入的情况下，有一个假设的普罗斯珀帐户，是由一个贷款将得到充分和及时。 The calculations would work the same with a portfolio of many loans.计算将努力同一个组合的许多贷款。 The assumptions that can be changed (loan amount and interest rate) is in blue font.假设可以改变（贷款金额和利息）是蓝色字体。
The sheet shows the hypothetical loan and how the amount outstanding declines over time as the principle is paid off.在资产负债表显示，假设贷款和如何欠款随着时间的推移下降的原则是得到了回报。 It also shows how the Prosper account balance for the lender would change over time as interest and principle get paid.它也表明如何普罗斯珀帐户余额的贷款人将随时间变化的兴趣和原则获得付款。 In addition, it shows what the correct XIRR would be for the full term (it would be the same for each and every period for the durating of the loan as well) and what the XIRR calculation would show if it was calculated without counting the principle payments as the are received, but rather include them as part of the account balance (which I think is what you are suggesting in you last comment on your site).此外，它显示了正确的XIRR将充分任期（这将是相同的每个时期， durating的贷款以及）和什么XIRR计算表明，如果不计算计数的原则作为支付收到的，而是包括他们的一部分，帐户余额（我想这是你的暗示在您上次的评论在您的网站上） 。
The conclusion from the examples I have included in the Excel workbook is that if the principle payments are not counted when they are received, the XIRR will look like it is declining over time.得出的结论的例子我已经包含在Excel工作簿的是，如果支付的原则是不计入当他们收到的XIRR看起来就像是随着时间的推移下降。 This is incorrect, since it does not reflect that the principle payments are available to reinvest.这是不正确的，因为它并不反映这一原则的付款可以再投资。 If the principle payments are not counted as cash flow when they are received, the XIRR will implicitly assume that the paid principle just sits in the account balance earning zero return until the loan is fully paid off.如果支付的原则是不能算作现金流量时，他们收到的XIRR将含蓄地假定，公正的原则支付坐在收入帐户余额为零，直到返回的贷款是完全得到了回报。 This is not reasonable to me.这是没有道理的我。 I don’t understand how the account balance at the end (for XIRR purposes) could ever go negative by deducting the principle payments received, if you don’t assume defaults, since the amount you deduct would be exactly equal to the principle implicitly included in the ending account balance (either as cash or as loans outstanding).我不明白的帐户余额结束时（为XIRR目的）都不能去否定扣除的原则收到的付款，如果你不承担违约的，因为你的金额中扣除将完全平等的原则隐含在结束帐户余额（无论是现金或贷款结清） 。
Btw, I am not bothering you with this to prove a point.生物及毒素武器，我不打扰你，这点证明。 I am potentially looking to become a lender at Prosper (whenever they actually get around to approving me. Their customer service is severely lacking) and going through these return calculations is a very good exercise for me.我可能希望成为一个贷方在普罗斯珀（实际上只要绕过批准了我。他们的客户服务是严重缺乏） ，并通过这些返回的计算是一个非常好的锻炼了我。 I always compare all my investment alternatives on a risk-adjusted XIRR basis, since it is (IMO) the best way to do it, assuming that there are no capital constraints involved, but that is a different topic.我总是比较我所有的投资选择的风险调整后的XIRR的基础，因为它是（海事组织）的最好办法做到这一点，假设没有涉及资本的限制，但是这是一个不同的主题。
As always, I welcome comments.一如往常，我欢迎评论。
Google Spreadsheet Link to TB IRR Analysis谷歌电子表格链接到结核病内部收益率分析
Google Spreadsheet Link to MY Prosper IRR谷歌电子表格链接到我的繁荣，内部收益率
My comments so far are:我的评论迄今是：
- I reinvest all monies. Using his suggestion the principle would be repaid multiple times. Eventually leading to a negative final month. The Interest can only be repaid once (then it becomes principle.)俺再所有款项。用他的建议的原则将予以偿还多次。最终导致了消极的最后一个月利息。只能偿还一次（然后成为原则。 ）
- I think another suggestion he is making is that my IRR would be my APR under ideal conditions. I don’t think this is true. Since it takes from several days to several weeks for money to make its way into loans.我认为，另一项建议，他所关注的，是我的内部收益率将是我的年利率在理想的条件下。我不认为这是真实的。由于它需要从数天至数周的资金，使其进入贷款。
- Not bothering me in the slightest. I am enjoying the discussion.不打扰我丝毫。我享受了讨论。
- What is the best way to get an excel spreadsheet into a wordpress blog? hand coding the table would be too much work for this spreadsheet.什么是最好的办法让Excel试算表到WordPress的博客？另一方面编码表将太多的工作，此电子表格。
Another Comment:另一种意见：
- Maybe I should be claiming the principle. But since I reinvest it goes on both sides of the ledger creating a wash. If I were to remove the money from prosper then it would only be on one side of the ledger.也许我应该声称的原则。但是因为我不用再两边的总账创造一个洗手。如果我要删除的钱，繁荣那就只能是一方的总帐。
Here is the previous post:这是以前的帖子： My Prosper Internal Rate of Return Update (End of Jan 07) — 12.31%我国普罗斯珀内部收益率更新（终结1月7日） -1 2.31％
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5 comments ↓ 5评论↓
Comment From TB:评论结核病：
The XIRR on the loan, not the Prosper account, should match the APR.该XIRR的贷款，而不是普罗斯珀帐户，应符合亚太地区。 This was just to show that on a theoretical example with no transaction time (ie no funding delays), no defaults, no late payments or late payment fees, the APR and XIRR should match.这只是表明，在理论的例子，没有交易的时间（即没有资金的延误） ，没有预设，没有迟缴或迟缴学费，亚太地区和XIRR应匹配。 The XIRR on your Prosper account will differ depending on how long it takes to fund the account, to find loans to invest in, how timely payments are made etc. I just wanted to set the theoretical base before making the adjustments to calculate your actual annualized return.该XIRR您的普罗斯珀的帐户将根据不同的需要多久才能基金的帐户，找到贷款投资，如何及时付款等我只是想确定的理论基础，然后进行调整，以计算您的实际年均返回。
Comment from TB:评论结核病：
have added a sheet to the one I sent before.增加了资产负债表的是我前派遣。 This new sheet is called Multiple Loans and is trying to capture what happens when principle and interest received is reinvested into a new loan.这一新的资产负债表被称为多元贷款，并试图捕捉时会发生什么的原则，收取的利息是投资进入了一个新的贷款。
I had to keep the term of the loan short (3 months) to keep the calculation manageble but it still shows how reinvesting principle and interest would occur and how to adjust cash flows to get a correct annualized return calculation.我要保持长期的贷款短期（ 3个月）保持计算manageble但它仍显示了如何再投资的原则和利益会发生，以及如何调整现金流量，以获得正确的年均回报率计算。 If you adjust the assumption in cell J13 you can see the impact on the XIRR if principle received is not considered in the period it it received.如果你的假设调整细胞J13您可以看到影响XIRR如果收到的原则没有考虑到这期间收到的。
In short, the final period cash flow in your XIRR calculation should be the account balance minus cumulative interest payments minus principle received plus capital (principle and interest) reinvested.总之，最后一期现金流量在您的XIRR计算应该是帐户余额减去累计支付的利息减去收到的原则加资本（原则和利息）的投资。
However, if you always immediately reinvest all principle and interest received, the XIRR using your method would be close to the correct one.然而，如果您总是立即再所有的原则，收取的利息，在XIRR使用方法将接近正确的。
But If I don’t reinvest the money, then I must have taken the money out of Prosper.但是，如果我不投资的钱，那么我必须考虑钱的繁荣。 This action would require a positive cash flow transfer.这一行动将需要一个积极的现金流通转让。
The thing to keep in mind is that tracking all loans down to the minute detail is a full time job.事情记住的是，所有贷款跟踪到细节是一个全职工作。 So my approach is an attempt to calculate a reasonable answer simply and quickly.因此，我的做法是试图计算一个合理的回答简单而迅速。
I treat Prosper as Fund.我对待普罗斯珀作为基金。 I put money in, it churns our dividends (interest which I reinvest), eventually I might take money out.我把钱，但我们churns红利（利息，我再投资） ，最终我可能会考虑赚钱。
While一会儿 Prosper.com caters mainly to the US market, there’s another site called主要是为了迎合美国市场，还有另一个网站要求 GlobeFunder.com which caters to the global crowd, especially those living in the third world.这迎合了全球观众，尤其是那些生活在第三世界。
While一会儿 Prosper.com caters mainly to the US market, there’s another site called主要是为了迎合美国市场，还有另一个网站要求 GlobeFunder.com which caters to the global crowd, especially those living in the third world.这迎合了全球观众，尤其是那些生活在第三世界。
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