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Life-leech payday lenders offers 7-day loans at 333% APR compounded daily. Furthermore, if you wish to roll-over your debt, without repayment, you may do so
Life-leech payday lenders offers 7-day loans at 333% APR compounded daily.
Furthermore, if you wish to roll-over your debt, without repayment, you may do so paying an additional 13% effective weekly rate (EWR).
This amount would be on top of the agreed loan rate.
If you were to borrow $2600.69 and held it for 18 months, without ever paying the principal, what would be your balance owing?
You may assume 365 days and 52 weeks in a year. Please give your answer in dollars, eg 10000 for an outstanding loan balance of $10,000
Answer = ??
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