A family friend lent my wife money years ago, before we got married. I am paying him back although I don't think he ever expected to see the money again. I feel like he deserves interest, perhaps a high rate since he did not know if he would see it again. Then again, I am sure he also did not expect to get much if any interest either. Given that I can afford to fully repay with interest, what seems fair?
I was thinking of applying a 10Y rate which is 1.75-4.8% over the period covered.
The Ethicist wrote:
A family friend lent my wife money years ago, before we got married. I am paying him back although I don't think he ever expected to see the money again. I feel like he deserves interest, perhaps a high rate since he did not know if he would see it again. Then again, I am sure he also did not expect to get much if any interest either. Given that I can afford to fully repay with interest, what seems fair?
I was thinking of applying a 10Y rate which is 1.75-4.8% over the period covered.
Don't give him a set interest rate. He lent the money more than likely not expecting to get it back. No terms were discussed. To show your appreciation, once you pay the money back, get him a couple hundred dollars gift card to his favorite restaurant or something like that.
[Before someone else says it -- your wife probably let him see her b**bs, so debt paid!]
Why are you paying him back? Shouldn't your wife be the one to do that? If you guys are still on speaking terms with this guy, why not ask what he thinks is fair?
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