Suppose you borrow $250 from a payday lender for one week at a weekly rate of 10%. You'll obviously owe $275 at the end of a week. If you are unable to repay the loan, however, the lender will say that you now owe not only $275 but also 10% of that $275 at the end of the second week. Under this scenario, it turns out that after n weeks of not repaying anything you would owe

250 1.1ⁿ dollars.

Suppose you borrow $250 from a payday lender for one week at a weekly rate of 10%. You'll obviously owe $275 at the end of a week. If you are unable to repay the loan, however, the lender will say that you now owe not only $275 but also 10% of that $275 at the end of the second week. Under this scenario, it turns out that after n weeks of not repaying anything you would owe 250 x 1.1" dollars. Use this formula to determine how much you would owe after 10 weeks. (Round to the nearest cent.) $ What total percent interest are you being charged on your 10-week loan? (Round to the nearest percent.) %