sbdcsierra Chapter 148 The Worried Old Lady
Chapter 148 The Worried Old Lady
After being influenced by the old man of the Ye family for many years, everyone in the old house has more or less understood the meaning of the 10% profit and 20% profit.
Currently, most of the borrowing prices in the market are based on monthly compound interest, which is generally between 10% and 20%. This is similar to private lending in later generations. The interest rate of this lending is equivalent to a monthly interest rate between % and %, and it is compounded monthly.
This is actually another type of usury, and the characteristics of this type of usury are short loan period and flexible repayment time. Since the interest is compounded monthly, the longer the loan period, the higher the rolling interest rate. It is the most common type of compound interest, also known as snowballing.
If Lao Zhai borrows 1,000 taels from Zhong Yunfeng in this way, he will need to repay more than 2,850 taels after one year. This is roughly the same as the interest rate of 90% out and 13% back that Ye Xiaowu borrowed from Tang Laizi, but the money he got after 90% out and 13% back was only 900 taels, and through the broker Tang Laizi, another 10% was taken, so the actual amount he got was only 800 taels.
Just when everyone in the old house was looking at Ye Changyan in surprise, they heard Ye Changyan continue to speak.
"Boss Zhong also said that borrowing such a large sum of money would affect his capital turnover to some extent, so he asked for the title deed of this house and the title deed of the land left by his grandfather as collateral, otherwise he might not be able to bear such a risk."
The Ye family's old house suddenly fell into deathly silence. Everyone seemed to hold their breath. For a moment, one could hear a pin drop in the front hall of the old house.
Ye Changyan took in everyone's reactions and thought that everyone in the old house might be expecting Zhong Yunfeng to be the savior who could save this family from danger, but there was no such good thing. Ye Changyan didn't know whether pie would fall from the sky, but it was certain that hail would fall from the sky. It all depended on whether the people in the old house were brave enough.
Everyone in the old house fell into anxiety and panic, and then Ye Changyan spoke again.
"However, Mr. Zhong proposed another way to help raise money."
Everyone in the old house, who were in anxiety and panic, seemed to have grabbed a life-saving straw and were suddenly pulled back to their senses. They looked at Ye Changyan with anticipation.
"Boss Zhong said that if he is not sure that he can pay back the money in the short term, the monthly compound interest will snowball. Boss Zhong is also worried that his capital turnover will be affected."
When everyone heard this, they all nodded in admiration.
"So Boss Zhong said that for the sake of human kindness, he was willing to buy the land of the old house at a price 10% higher than the market price. At the same time, Boss Zhong would provide a job in the processing workshop to everyone in the old house, regardless of whether they were men or women. This way, after using the money from the land sale to pay off the debt, there would be some left over. Everyone could work in the processing workshop and make a living. With this big house, everyone's life would become more and more prosperous."
After Ye Changyan finished speaking, he looked around and saw that everyone had fallen silent again.
"Grandma, this is roughly what Boss Zhong wrote back. He said that he will be returning to Wanshou County on the 16th day of the twelfth lunar month. No matter what choice you make, just give him a reply."
It was not known whether the old lady heard Ye Changyan's words or not. She just nodded slightly, while everyone else in the old house remained silent.
"Grandma, I'm going to the processing workshop first. I still have some things to discuss with the people in the team."
Having said that, Ye Changyan bowed respectfully to the old lady and then left the old house.
Originally, everyone in the old house expected that with Ye Changyan's intervention, Zhong Yunfeng would lend a helping hand to some extent, but what no one expected was that Zhong Yunfeng would actually put forward these two conditions.
Either use the house deed and land deed as collateral and negotiate the deal based on the loan market conditions, or sell the land to Zhong Yunfeng, who will offer a price 10% higher than the market price out of consideration for the relationship. If the people of Shanglin Village knew about this, they would most likely praise Boss Zhong for his kindness.
However, these two choices were the results that no one in the old house wanted. They originally thought that Ye Changyan and Zhong Yunfeng had such a close relationship, which allowed Ye Changyan to tell stories in Yunfeng Tower and receive so many rewards, and he also had a cattle farm and a processing workshop in the village.
Aren't they all doing this for Sanlang's sake? They took it for granted that as long as Ye Changyan went to find Zhong Yunfeng, Zhong Yunfeng would naturally help them overcome the current difficulties.
Everything happened as expected by everyone in the old house. Ye Changyan agreed to go to Zhong Yunfeng for help, and Zhong Yunfeng also agreed to help as expected. However, what no one expected was that Zhong Yunfeng would put forward such a condition, which caught everyone in the old house off guard.
It is the consensus of everyone in the old house that they do not want to sell the house or land, but the repayment date is the day after tomorrow, and everyone in the old house can't help but start making their own plans.
The old lady naturally hoped to rescue Ye Xiaowu and Erlang as soon as possible while keeping the land and houses.
The eldest wife was only thinking about keeping the land and house, as her own children had not yet found their marriages, so she had no time to care about the life and death of Ye Xiaowu and Erlang, the reckless father and son.
Silang was a boy with no opinion of his own, and Liu naturally wanted to rescue her man and son as soon as possible. It was freezing cold now, and if something really happened to this father and son, how would she live the rest of her life?
As night was about to fall, the old lady remembered that Ye Changyan had reminded her to be prepared for both situations. It seemed that it was time to make a decision.
"Everyone, don't be discouraged. I believe everyone knows the current situation. Tomorrow morning, the eldest and second wives will go back to their parents' home to think of a solution. Big girl and Silang will go to your eldest aunt's home to tell her about the situation and ask your aunt to help raise money. Dalang and I will go back to your grandparents' home. Everyone must think of a way to raise the money, otherwise we can forget about living a peaceful life."
After hearing the old lady's arrangements, everyone nodded and agreed, although they were somewhat reluctant.
Early the next morning, everyone in the old house started to act separately.
Towards evening, the exhausted old lady returned to the Ye family's old house with the help of Dalang. She saw that everyone in the old house was covered in dust and slumped in their chairs, looking at her with lifeless eyes.
The old lady suddenly felt something was wrong. Today, accompanied by Dalang, she first went back to her mother's home. Her brother and sister-in-law had passed away for many years. Now it is her eldest nephew who is in charge. Her eldest nephew married a capable wife and they are living a relatively prosperous life.
But this nephew's wife is not only capable, but also has a strong personality and is shrewd. When he went to the door himself, this nephew's wife received him warmly with a smile and gave him snacks and tea. But when he mentioned the matter of borrowing money, she kept crying poor to him.
He also said that the old lady was capable, and that several cousins and nephews had all been hired as managers in the processing workshop. He also asked the old lady to think of a way to get his useless nephews and nephews to work in the processing workshop to make a living.