TER General Board

No, no, no...check your calculations...
Clouseau 13 Reviews 3241 reads
posted

$23.63 per day times 365 days would be $8395 per year interest on $5000 loan?  
I get 7.4% annual interest by multiplying the two week interest charge times 24 and dividing by the $5000.

A Blonde walks into a bank in New York City and asks for the loan officer. She says she is going to Europe on business for two weeks and needs to borrow $5,000.
The bank officer says the bank will need some kind of security for such a loan, so the Blonde hands over the keys to a new Rolls Royce parked on the street in front of the bank. Everything checks out, and the bank agrees to accept the car as collateral for the loan. An employee drives the Rolls into the bank's underground garage and parks it there.
Two weeks later, the Blonde returns, repays the $5,000 and the interest, which comes to $15.41.
The loan officer says, "We are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multimillionaire. What puzzles us is why would you bother to borrow $5,000?"
The Blonde replied, "Where else in New York can I park my car for two weeks for 15 bucks?"

(no pun intended)im a blond myself

ashleelala2080 reads

as a brunette (with blonde highlights) and in loan business....she must have had a really good interest rate. Because even at Wall Street Journal Prime she would have accrued $23.63 aday.
But that kinda kills the joke, and I really did like it. Will probably tell in tomorrow at the loan office.....to brunettes and redheads or men only ofcourse..... :)

$23.63 per day times 365 days would be $8395 per year interest on $5000 loan?  
I get 7.4% annual interest by multiplying the two week interest charge times 24 and dividing by the $5000.

ashleelala2480 reads

$5000.00 x WSJ Prime 5.75%=$587.50 divide by 365=0.7876 so daily rate would be .79cents, monthly would be $23. Sorry.

Loan origination fees (points) would have killed her.

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