we lost touch shortly after. I found her. How much should I pay back? It was $100.
2007-02-15 09:01:12 · 15 answers · asked by Freakgirl 7 in Business & Finance ➔ Personal Finance
What I would do is, take her out for a nice lunch, and give her the $100.00 That way you both can enjoy the bonus, and catch up as well
2007-02-15 09:12:20 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Well first of all I would decide on an appropriate interest rate, for example if you two never agreed on an interest rate, I would think 10%. After doing some calculations, I find at $100, at 7 years, at 10% interest you should owe her about $200. However, the interest rate is totally up to you. But I would at least pay her some interest since it has been so long.
2007-02-15 09:08:35 · answer #2 · answered by nickhawkins21 3 · 0⤊ 0⤋
I would give that person the $ 100 then ask what amount of interest they would like. If this is a good friend they may be most suprised that they got the $ 100 and may even refuse that. However I would surely think if this is a real friend that they would only take the $ 100 and call it even. But that is me.
2007-02-15 09:11:07 · answer #3 · answered by Scott 6 · 0⤊ 0⤋
A fair way to do it is to look up the average fed funds rate (see link below) over the last 7 years, and calculate what you would owe on a compounded basis. Take the average fed fund rate per year from 2000 to 2006. Then grow the $100 on a compounded basis from beginning of 2000 to 2006.
According to my calculation, you would owe your friend $124.18.
Basically the rationale is that if she had a $100 back in 2000, she would have put it in her savings account, which would have yielded her those kind of interest rates.
2007-02-15 09:11:34 · answer #4 · answered by Chetan K 1 · 0⤊ 0⤋
First - that's what friends are for - NOT to add interest or rip you off! So on that note $100 is suffice unless you're not really that good of friends. However 'small claims court' will tell you the same thing - $100 PERIOD! If you feel a need to pay more then do so - but I wouldn't go all out.
2007-02-15 09:20:31 · answer #5 · answered by curiousgeorgette 4 · 0⤊ 0⤋
well basically if you would still want her to be your friend, or just be honest (which you don't have to since there has not been a contract signed with the written interest rate).
I guess you should check out the inflation % or the yearly bank interest rate in the country you live since it depends. But ususally its around 3% so you should just pay her back the 100usd plus 21%.
Cheers/
2007-02-15 09:12:02 · answer #6 · answered by Boriana B 2 · 0⤊ 0⤋
has she asked for the money back? If not then if you think you should give it back, then give her just the $100. If she has forgotten about it, it will be a nice suprise to receive. She might even turn around and say dont worry about it. I definately wouldnt worry about interest.
2007-02-15 09:15:01 · answer #7 · answered by Suzieq 4 · 0⤊ 0⤋
I liked the idea of taking her out to lunch and paying her back the $100. Apologize profusely for not paying her back sooner.
2007-02-15 12:50:30 · answer #8 · answered by Jen G 5 · 0⤊ 0⤋
Friends don't loan friends money thinking they will get intrest or calculate inflation....just send her a check for a hundred in a thank you card and hopefully you can still have a friend to call!
2007-02-15 09:14:38 · answer #9 · answered by ntwrkadmngrl 1 · 0⤊ 0⤋
I would never want interest from a friend. Even after so many years. That's just me though.
2007-02-15 09:10:08 · answer #10 · answered by Shari 5 · 0⤊ 0⤋