Question
In 1998 I had given someone a loan of R33,000. He had given me a series of post-dated cheques, all of which have not been honoured. I am attempting to get repayment now from him. How much must he pay me? Take into consideration that R33,000 today is 'worthless' in relation to the R33,000 which I had given in 1998.
Answer
In 1998 with R33,000 one could have purchase 17.57 Kruger gold coins. That was the worth of the papers/ promissory notes you had given. Today, he must repay 17.57 Kruger gold coins. The value today is R485,302. This is the way to pay back loans acquired years ago.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 26 No 02
- PDF page
- 2
Appears under REPAYING LOANS (approximate).