Banking Interest ???

[BandAid]

Not sure if I am computing this correct,but what would the bank pay interest on $120K in the bank for a month,I borrowed $$$ from pops till our house sold,so want to pay interest for the month I had the $$$:wink:

 

[hmz029997]

Interest

If you are talking savings account interest, then you are talking about 2% annually or about .167% per month. So you'd owe $200 to him on 120K. If it is a Money market account, then interest could be 5% annually or .417% per month therefore $500 for the month on $120k.

I hope that helps.

 

[BandAid]

If you are talking savings account interest, then you are talking about 2% annually or about .167% per month. So you'd owe $200 to him on 120K. If it is a Money market account, then interest could be 5% annually or .417% per month therefore $500 for the month on $120k.

I hope that helps.

Yes thanks alot...

 

[RobsIron]

4-5% is what he is losing by not being in the bank.

Since this is a loan..loan percentages come in play.

10%+ is where private money loans are.

8% would be very fair. $120,000 @ 8% = $9600 divided by 12 months = $800 per month.

I'd give him $800 for the ease and convenience and also to show your appreciation. Thats just me though...

 

[bishir]

If I were pops I'd be lucky I got the money back. Most family transaction IME go wrong.

 

[BandAid]

my pops has a Condo and bar in Florida ,so I know the type of Folks in florida,so I do see where you are coming from,nothing implied about you ,but Florida has more trailer parks for a reason...

 

[bishir]

Haven't you ever watched Judge Judy or People's Court? It's always family screwing family. Kudos to you for considering repayment with interest.