Wan Xiaojun’s words immediately caused a commotion amongst the seven hundred or so members of the Wade Family’s side lineage!
Although these members of the Wade family’s side lineage were not the top entrepreneurs, they were still much more savvy than those brainless youngsters who had indiscriminately swiped their credit cards in instalments.
Those brainless youngsters thought that paying in instalments was a very cost-effective thing to do, but little did they know that the bank had already eaten into their mindset long ago.
The interest rate for each instalment is six per thousand. It may seem that if you pay $10,000 in twelve instalments, you only need to pay an extra $60 a month, but twelve instalments a year is $720!
The annual interest rate for one year’s instalment is 7.2% relative to the principal amount of $10,000!
This is only a rough calculation, you know, the $10,000 is not repaid in one year, but in twelve monthly instalments, with each instalment decreasing the principal amount, but the interest rate is calculated on the $10,000 principal amount, if you calculate it, the actual interest rate is even more than 13%,!
This interest rate, in the financial market, was considered to be a huge profit.
If they really wanted to take out a loan, they could easily get a large loan with an effective annualised interest rate of less than 5%, so when they heard this instalment plan given by Wan Bajun, they could not help but curse its black heart.
So, someone spoke up and said, “Hall Master Wan …… I am still two billion short after giving out all my cash, please give me a day’s grace, only one day I will be able to get the two billion, through a mortgage, into your account!”
The others echoed, “Yes, Master Wan, just give us one day and we can get the mortgage! Please give us a little more time!”
Wan Bajun said in a cold voice, “There is no way to be lenient, each of you must make up all the money owed within an hour, or else you will have to sign an agreement to pay in instalments!”
Each and every one of these members of the Wade family’s side lineage instantly rose up with a sad face.
At this moment, Dexter wade said offhandedly, “Hall Master Wan, I am willing to pay in installments!”
The crowd did not expect that Dexter wade would be the first to give in, and they were about to despise it in their hearts when they heard Dexter wade continue, “I am willing to divide all the money owed into two installments, and within two months, I will definitely make up this amount in full.”
When the others heard this, they immediately slapped their thighs.
They had been so intimidated by the six-thousandths installment fee that they had forgotten that they could choose the least number of installments.
If they split it into two installments, they would only have to pay two six-thousandths, which added up to 1.2 per cent.
In this way, it is naturally much more comfortable.
Thus, a group of people began to actively state their position, some wanting to split it into two installments, others wanting to split it into three installments, and at most they would be willing to split it into six installments, and no more.
Wan Bajun could not help but frown, and in his heart, he guessed the intentions of this group of people. They definitely wanted to start with as few instalments as possible, and then seize the time to raise funds to fill up the hole in this instalment.
This way, they could get out of the trap of high interest rates on instalments.
However, Wan Breaking didn’t know exactly what to stipulate at this point, and Charlie wade hadn’t told himself exactly what to do in terms of the specific number of instalments required for this route of instalment payment.
Just when he didn’t know how to define it, he only heard a familiar voice say loudly, “Hall Master Wan, I suggest you still give a fixed percentage of installments, all those who can’t pay cash and choose to pay in installments must choose a minimum of sixty installments, with no cap on it!”
Everyone immediately followed the sound, only to see Charlie wade, accompanied by Stephen Thompson, already striding over.