My dearly beloved fellow Americans,
As you know I am a missionary working in the city of Joinville, in the southern part of Brazil, South America.
I went to the bank this morning to pay for our son's Bible College tuition. While waiting for my receipt the teller said to me that I had a pre-approved credit line that I could get right then if I wanted to. I thought, man, I really need funds right now, things are tough, I don't know how I am going to pay for some things in the next few weeks. Maybe this is the way out for me. I thought of all this a total of about a millisecond, and declined the offer.
Putting aside my reasons for not wanting to take out the loan, I would like to share with you the out of this world and even Universe, interest rates these guys charge, and people actually borrow money from them, and this is one of the lower rates!
As you can see in the picture, to borrow R$5.690,00 Brazilian Reais (that's the equivalent of about $3,556.00 US Dollars) you can pay back in 48 payments of R$359,36. If you do the simple math, 359,36 times 48 equals 17.249,28 or proximately $10,780.80 US Dollars. (Interest of 84.300% a year).
Observation: The comma (,) is used in the place of the period (.) here.
So, to borrow $3,556.00 in 48 payments of $224.60 equals $10,780.80 or 7,224.80 in interest alone.
(The exchange rate is 1.60 Reais per Dollar)
My question is, does any one out there want to make some money?
I have no other comment at this time!
January/February 2015 Prayer/Update Letter
3 years ago