Payday Loan
86
skips
skips
14
questions
questions
Act One
Act Two
 Teacher noteUse compound interest formula, need to first calculate daily rate. Or use spreadsheet approach.
Then work out annual percentage rate (APR).
Act Three
Sequel
 Teacher noteBefore: 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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how large would a cup have to be to require an entire lemon to keep the same lemon taste?

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