kuba: 1:3 lending rate- bola katapira wa loan shark, mwala to mwala

borrowers should understand the terms before they borrow. In this case the teacher is paying something like 67% per annum at the end of 3 years in simple interest terms. This is glossily high! As repayment is spread over the three years, the interest is applicable on outstanding balances, which must be reducing with time. It was a ver expensive loan. Was it really worth taking? that depends on what the 200,000 was used for. Did it generate more than the 400,000 interest the teacher has/had to pay? Did the 200,000 when used by the teacher generate him or her… Read more »