BobKamman
Level 15
04-12-2020
06:53 PM
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No, you should compare the £793,065 he paid off at the lower exchange rate, to the value of that same amount, £793,065 when he borrowed them. That comes out to about $221,437. The rest of the gain, if any, came mostly since 2014, because the pound traded mostly higher from 2011 until then (so he was losing money).