Well, in light of the fact that Ray has a raging meth problem he has been able to hide from his sister Jill, is on probation for extortion for strong arming middle school kids out of thier lunch money, compiled with the fact that Ray has not held a steady job since 1986 when he was dishonarably discharged from the army for getting caught with a hooker in San Fransico. I would say Jill is best to bank the money and let Ray save enough from his booming meth sales to cover the TV instead of running the risk of Ray repaying the loan with drug money.
2007-01-08 04:03:28
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answer #1
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answered by Anonymous
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If Ray can't get credit on his own (and I'm not THE Ray) then Jill needs to see that as a red flag. Ray doesn't need a $1600 tv that he cannot afford to pay for right now. He should consider a $100 tv for the next five years and save for that $1600 tv which will probably be under $1000 in five years. Alot can happen to Ray in 5 years... loss of job, loss of health, broken tv, etc. Family should not loan money for material things like a tv that lose value.
2007-01-08 12:24:52
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answer #2
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answered by Anonymous
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Assuming that there is no risk of Ray not paying the $2,000 when he says he will, I think Jill should lend the money to him. After all, he is her brother. Also, what bank pays 6% interest?
Then again, prices on TV sets are dropping, so maybe Ray should wait six months and then buy a TV set for less.
2007-01-08 12:03:20
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answer #3
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answered by BIll Q 6
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I don't think Jill should go through with the loan. I think it's downright foolish to lend money to friends and family. This has nothing to do with interest rates, but everything to do with wise behaviour.
What if Ray doesn't pay? What can Jill do? Try to get the money from their parents or other siblings?
Money-matters ought to be kept in the neutral. And you can never be neutral with your family or your friends.
2007-01-08 11:59:48
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answer #4
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answered by KirstenP 4
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She should put the money in the bank.
Assuming a 6% annual rate of return, this is what she would have:
Year 1 $1696.00
Year 2 $1797.76
Year 3 $1905.63
Year 4 $2019.96
Year 5 $2141.16
2007-01-08 12:28:28
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answer #5
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answered by Wayne Z 7
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Just guessing, but I don't think you would get $2000 total from $1600 at 6% for 5 years.
So, she should loan it to her brother, unless she might need it in less than 5 years.
However, I'm not going to do the math. She should do whichever one nets her the most money.
2007-01-08 12:02:05
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answer #6
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answered by Phoenix, Wise Guru 7
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I say never ever lend money to a family member or friend...spells disaster...Put your money in the bank...
2007-01-08 12:15:12
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answer #7
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answered by Angeline 1
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NEVER loan money to or borry it from relatives; it is a BIG STINK just waiting to happen!
2007-01-08 11:54:36
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answer #8
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answered by backinbowl 6
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