When news of the large amount of money being paid to upgrade our President’s family compound in Nkandla broke our government spin doctors were quick to point out that President Zuma was going to pay 10% of the R248 Million
No matter how you look at it, there is something wrong here: If President Zuma had to pay his entire Presidential salary over every year on a bond of R248 000 000.00 then it would take him 94 years to pay JUST the capital.
If he had to pay his entire Presidential salary over every year on a bond of R24 800 000.00 then it would take him 9.4 years to pay JUST the capital.
Imagine if you will our President approaching a bank for a bond. Based on public records this is what would happen:
Bond amount requested: R24 800 000.00
Monthly payment: R215 220.16
Total payment: R51 652 838.40
Total interest: R26 852 838.40
Interest rate: 8.5%
Loan period: 20 yearsApplicant: J. Zuma
Monthly salary: R218 546.75BOND DENIED
Reason: With no other visible signs of legitimate income we find it hard to accept that Mr Zuma will be able to feed his numerous wives, children and grandchildren on R3 326.59 left over each month.
But – living high on the hog can work if:
Bond amount requested: R248 000 000.00
Monthly payment: R2 152 201.62
Total payment: R516 528 388.80
Total interest: R268 528 388.80
Interest rate: 8.5%
Loan period: 20 yearsApplicant: South African Taxpayer
Monthly salary: R56.18 BillionBOND APPROVED
Reason: The South African taxpayers are all a bunch of sheep and retards who will just keep on paying.
