Beware Borrowing Money from Friends (and Strangers)
Would you agree to pay 90% interest on a loan? Poor Toni apparently did, posing a scary question to Bankrate.com’s Steve Bucci. Apparently, Miss Tony borrowed $1200 and the lender is demanding $90/mo. in interest – or 90% annual simple interest (i.e. not compounding). The answer that Bucci gives is funny because he gives two of them after a few words of advice about borrowing money in general.
comments