Mathematics, 13.04.2021 23:10 jennamae9826

on 8 Scenario Someone needs $200 to pay a medical bill. They can't get a loan from the bank because of their low credit. So, they go to a Pay Day Lender. This particular shop has an Annual Percentage Rate of 460%. When the paycheck comes they use that for rent, food, etc, and don't have enough to pay back the loan quite yet. This continues to happen for the next year, 1) If they make no payments on this loan, how much will they owe in one year?

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on 8 Scenario Someone needs $200 to pay a medical bill. They can't get a loan from the bank because...

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