home / study / business / accounting / questions and answers / If You Go To A Pay-Day Loan Office And Borrow $1,000 ... Your question has been answered Let us know if you got a helpful answer. Rate this answer Question: If you go to a Pay-Day loan office and borrow $1,0... Bookmark If you go to a Pay-Day loan office and borrow $1,000 on Wednesday, to be paid back 3 days later on Friday. If they charge you 8% or $80. What is the total interest percentage they are charging?

If for some reason you could not pay the loan back for one month or 30 days, how much interest will be owed at that time?

Assume a year of 365 days.