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Law Capping interest rates
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newfarer
#1381 Posted : Monday, October 03, 2016 5:55:38 AM
Rank: Elder


Joined: 3/19/2010
Posts: 3,504
Location: Uganda
Other than the time value of money is there much difference between borrowing 90000 then repaying 7500.00 per month ex interest and taking 7500 per month repaying per month. Si at the end of the year both of you will have taken 90000 and repaid 90000?
punda amecheka
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Swenani
#1382 Posted : Monday, October 03, 2016 7:51:01 AM
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newfarer wrote:
Other than the time value of money is there much difference between borrowing 90000 then repaying 7500.00 per month ex interest and taking 7500 per month repaying per month. Si at the end of the year both of you will have taken 90000 and repaid 90000?


Waaah Jeso of Nazereth!

If Obiero did it, Who Am I?
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FRM2011
#1383 Posted : Monday, October 03, 2016 7:58:04 AM
Rank: Elder


Joined: 11/5/2010
Posts: 2,459
newfarer wrote:
Other than the time value of money is there much difference between borrowing 90000 then repaying 7500.00 per month ex interest and taking 7500 per month repaying per month. Si at the end of the year both of you will have taken 90000 and repaid 90000?


There is a big difference my brother. The situation above is equivalent to a bank overdraft of kes. 7,500. It's availed to you throughout the year but at any one time, the maximum you can draw is only 7,500.

The overdraft accrues interest on a daily basis calculated from the balance in your account at the end of each day.

For comparison, if you took the overdraft on 1st jan and left your account balance at (-7,500) until 31st Dec, the total interest for the year would be 1,050.
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FRM2011
#1384 Posted : Monday, October 03, 2016 8:01:27 AM
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Joined: 11/5/2010
Posts: 2,459
ION, Family bank has invited staff to apply for a voluntary early retirement program.

At least 4 other banks are in the process of downsizing. But we all knew this would happen so no surprises there.
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MaichBlack
#1385 Posted : Monday, October 03, 2016 8:04:42 AM
Rank: Elder


Joined: 7/22/2009
Posts: 7,460
Swenani wrote:
newfarer wrote:
Other than the time value of money is there much difference between borrowing 90000 then repaying 7500.00 per month ex interest and taking 7500 per month repaying per month. Si at the end of the year both of you will have taken 90000 and repaid 90000?


Waaah Jeso of Nazereth!


Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly

@Swenani - Hapa ndipo mtu husema "Moving on..."

@newfarer - Let me try one last time. Slowly read posts #1376 and #1378.

cc: @Kaigangio.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Ericsson
#1386 Posted : Monday, October 03, 2016 12:26:34 PM
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Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
Low interest caps has stirred activity in the stock market.
Share prices edging higher and higher.
Seems insurance and pension schemes are shunning Govt bills and bonds in favour of equities.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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maka
#1387 Posted : Monday, October 03, 2016 12:46:25 PM
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Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Ericsson wrote:
Low interest caps has stirred activity in the stock market.
Share prices edging higher and higher.
Seems insurance and pension schemes are shunning Govt bills and bonds in favour of equities.


There has been lots of activity in the bond market...The new 20 year has traded quite a bit today...
possunt quia posse videntur
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Ericsson
#1388 Posted : Monday, October 03, 2016 12:50:09 PM
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Joined: 12/4/2009
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@maka
who were the majority of bidders
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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wukan
#1389 Posted : Monday, October 03, 2016 1:03:59 PM
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Joined: 11/13/2015
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Ericsson
#1390 Posted : Monday, October 03, 2016 2:38:49 PM
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Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
And banks reducing the number of staff

FAMILY BANK KENYA ASKS EMPLOYEES TO GO FOR EARLY RETIREMENT. STAFF GIVEN TWO WEKS TO SEND IN THEIR APPLICATIONS
https://twitter.com/keny...atus/782838294593859584
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mlennyma
#1391 Posted : Monday, October 03, 2016 2:44:04 PM
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Joined: 7/21/2010
Posts: 6,183
Location: nairobi
Ericsson wrote:
And banks reducing the number of staff

FAMILY BANK KENYA ASKS EMPLOYEES TO GO FOR EARLY RETIREMENT. STAFF GIVEN TWO WEKS TO SEND IN THEIR APPLICATIONS
https://twitter.com/keny...atus/782838294593859584

This is suffering from poor management when did it mature in profitability and was recently expanding? ?
"Don't let the fear of losing be greater than the excitement of winning."
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maka
#1392 Posted : Monday, October 03, 2016 3:04:31 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Ericsson wrote:
@maka
who were the majority of bidders


Local funds...btw maturities were checking on 26th last week....the 1 year that had a crazy coupon.Money had to go somewhere
possunt quia posse videntur
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HaMaina
#1393 Posted : Monday, October 03, 2016 3:14:18 PM
Rank: Veteran


Joined: 4/23/2014
Posts: 911
mlennyma wrote:
Ericsson wrote:
And banks reducing the number of staff

FAMILY BANK KENYA ASKS EMPLOYEES TO GO FOR EARLY RETIREMENT. STAFF GIVEN TWO WEKS TO SEND IN THEIR APPLICATIONS
https://twitter.com/keny...atus/782838294593859584

This is suffering from poor management when did it mature in profitability and was recently expanding? ?


I think I heard something simmilar about Equity in the lunch time news.
“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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githundi
#1394 Posted : Monday, October 03, 2016 3:25:13 PM
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Joined: 11/19/2010
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Location: nairobi metropolitan
This has made my day. .@ Kaigangio has made pyramid scheme mathematics
Democracy does not belong to the dead
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githundi
#1395 Posted : Monday, October 03, 2016 3:27:49 PM
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Joined: 11/19/2010
Posts: 1,308
Location: nairobi metropolitan
Swenani wrote:
newfarer wrote:
Other than the time value of money is there much difference between borrowing 90000 then repaying 7500.00 per month ex interest and taking 7500 per month repaying per month. Si at the end of the year both of you will have taken 90000 and repaid 90000?


Waaah Jeso of Nazereth!


Things are getting really hot here
Democracy does not belong to the dead
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Kaigangio
#1396 Posted : Monday, October 03, 2016 3:48:54 PM
Rank: Elder


Joined: 2/27/2007
Posts: 2,768
@ maichblack @swenani etal

I am in KCB Mpesa territories.

Today is 3rd October 2016 and this is what I will do starting tomorrow for a small project at hand whose actual construction commencement is about 16 months away.

1. On 4th October 2016, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 which I will buy 250 pieces of 9" x 9" machine dressed stones. I repay kshs 7500.00 on or before 31st October 2016.

2. On 4th November 2016, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th November 2016.

3. On 4th December 2016, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st December 2016.

4. On 4th January 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st January 2017.

5. On 4th February 2017 I, will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 28th February 2017.

6. On 4th March 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st March 2017.

7. On 4th April 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th April 2017.

8. On 4th May 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st May 2017.

9. On 4th June 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th June 2017.

10. On 4th July 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st July 2017.

11. On 4th August 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st August 2017.

12. On 4th September 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th September 2017.

On 4th October 2017, I will add up all the money that will have been credited into my account and compare it with kshs 86,481.00.

I will also add up the repayments and confirm if I will have paid up kshs 90,000.00 in total including the interests.

As of now being Wanjiku I will not be interested in borrowing a lumpsum of kshs 90,000.00 because the banks will not lend me and even if they got touched and gave me the money, after one year I will have paid back kshs 103,050.00 or somewhere thereabout.smile smile
...besides, the presence of a safe alone does not signify that there is money inside...
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MaichBlack
#1397 Posted : Monday, October 03, 2016 4:08:17 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,460
githundi wrote:
This has made my day. .@ Kaigangio has made pyramid scheme mathematics

Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly

Na akapata wateja - who bought the maths!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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maka
#1398 Posted : Monday, October 03, 2016 4:08:17 PM
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Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
wukan wrote:
Sacco start feeling the heat.



possunt quia posse videntur
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kaka2za
#1399 Posted : Monday, October 03, 2016 4:22:16 PM
Rank: Elder


Joined: 10/3/2008
Posts: 4,057
Location: Gwitu
Kaigangio wrote:
@ maichblack @swenani etal

I am in KCB Mpesa territories.

Today is 3rd October 2016 and this is what I will do starting tomorrow for a small project at hand whose actual construction commencement is about 16 months away.

1. On 4th October 2016, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 which I will buy 250 pieces of 9" x 9" machine dressed stones. I repay kshs 7500.00 on or before 31st October 2016.

2. On 4th November 2016, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th November 2016.

3. On 4th December 2016, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st December 2016.

4. On 4th January 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st January 2017.

5. On 4th February 2017 I, will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 28th February 2017.

6. On 4th March 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st March 2017.

7. On 4th April 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th April 2017.

8. On 4th May 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st May 2017.

9. On 4th June 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th June 2017.

10. On 4th July 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st July 2017.

11. On 4th August 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 31st August 2017.

12. On 4th September 2017, I will borrow kshs 7500.00 but my account will be credited with kshs 7206.75 and buy the stones. I will repay kshs 7500.00 on or before 30th September 2017.

On 4th October 2017, I will add up all the money that will have been credited into my account and compare it with kshs 86,481.00.

I will also add up the repayments and confirm if I will have paid up kshs 90,000.00 in total including the interests.

As of now being Wanjiku I will not be interested in borrowing a lumpsum of kshs 90,000.00 because the banks will not lend me and even if they got touched and gave me the money, after one year I will have paid back kshs 103,050.00 or somewhere thereabout.smile smile



Time value of Money! A shilling today is not of same value 12 months from today!

Again,if you are receiving and paying the loan within the same month for a long-term project then you probably don't need the loan.

If I take the 90K and pay 103,050 interest per month will be around 1087. However,KCB MPESA can lend the 90K to 12 Kaigangios and earn Ksh 3520 per month!
Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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Swenani
#1400 Posted : Monday, October 03, 2016 6:16:40 PM
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Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
@Kaigangio Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly

Let me first correct your calculations, at the end of one year based on your calculations, you would have borrowed kshs 86 481(7206*12) and repaid kshs 90,000(7500*12)

Please go to the nearest mirror near you, look straight in the mirror and ask yourself this question loudly

Quote:
Can KCB loan me 86,481 per year at an interest of 4% ?


If you are satisfied that you are still paying an interest rate of 4% p.a come back here and post more, otherwise smash your head into that damn mirror
If Obiero did it, Who Am I?
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