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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
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.
How much will you owe by the end of the second week?
$
If you still can't repay any of it, how much will you owe at the end of the third week?
$
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