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Payday Loan

by Damien Raftery

86
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14
questions
Payday Loan

Act One

Act Two

  • Teacher note
    Use compound interest formula, need to first calculate daily rate. Or use spreadsheet approach.

    Then work out annual percentage rate (APR).

Sequel

  • Teacher note
    Before: Get students to guess what a fair interest rate might be? What is normal APRs on car loans/student loans/...

    After: If you forgot to repay your loan of $100, how much would you owe after 1 year? After 2 years? After 3 years? ...

    Is it ethical to charge such a high APR? What is Wonga.com's response?

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