Question
Currently, payday loans in Ontario have an APR of 391%. This means that if you borrowed $100, and interest continued to accumulate on the loan
Currently, payday loans in Ontario have an APR of 391%. This means that if you borrowed $100, and interest continued to accumulate on the loan for a whole year, at the end of the year you would owe $391 + $100 for a total of $491
How much would you owe in total after a year of not paying a $220 loan?
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Government Auditing Standards
Authors: U.S. Government Accountability Office
1st Edition
B0C9S8NVST, 979-8851147746
