Lane French had a bad credit rating and went to a local cash center. He took out a $111 loan payable in five weeks at $131.
2 answers
What is your question?
Cash Centres, the worst of all rip-off places
interest = 131-111 = 20
principal = 111
time = 5/52
rate = interest/(principal x time)
= 20/(111(5/52) ) = 1.874
or 187.4% interest per year
interest = 131-111 = 20
principal = 111
time = 5/52
rate = interest/(principal x time)
= 20/(111(5/52) ) = 1.874
or 187.4% interest per year
1 answer