Rice
Resident Smart Arse
I would not post on this common story. But The Post mathematics have done me in again.
I think the first time I had a rant was over negative profits. That were not even calculated correctly. This time is this.
Chon Buri province for charging borrowers 2% daily interest rate or 730% annual interest rate.
or
He told police he normally lent to business owners and charged a daily interest rate of 1.546%, or 564% a year.
Anybody that knows anything about mathematics knows it does not work this way. You cannot simply multiply the daily number by the days in the year.
If only that simple and THAT LOW A RATE!
There is online calculators for this stuff these days so here is the crunch for those that don't know
Just using a easy number to start it off (100) you can see that its not 564% but 26,935% yearly.
www.bangkokpost.com
100% increase after 2 months. You could really get forked over and people do every day. People don't borrow money and give it back the next.
I think the first time I had a rant was over negative profits. That were not even calculated correctly. This time is this.
Chon Buri province for charging borrowers 2% daily interest rate or 730% annual interest rate.
or
He told police he normally lent to business owners and charged a daily interest rate of 1.546%, or 564% a year.
Anybody that knows anything about mathematics knows it does not work this way. You cannot simply multiply the daily number by the days in the year.
If only that simple and THAT LOW A RATE!
There is online calculators for this stuff these days so here is the crunch for those that don't know
Just using a easy number to start it off (100) you can see that its not 564% but 26,935% yearly.
Loan sharks arrested in 5 Thai provinces
Police conducted multiple raids against suspected loan sharks and arrested eight in five major provinces.
100% increase after 2 months. You could really get forked over and people do every day. People don't borrow money and give it back the next.
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