Calculate how much you owe at the end of every day

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Reference no: EM131925805

A loan shark offers to lend money at terms you cannot refuse. You borrow principal P dollars, then each day the loan shark adds a service fee of 25 cents to what you owe, followed by charging the oh so reasonable 1 percent per day interest on the total amount owed

a. Put together a spreadsheet to calculate how much you owe at the end of every day if you borrow 100 dollars.

b. Find a formula for your debt at the end of d days (given the 100 dollar principal) and test your formula against the result of your spreadsheet calculation.

c. How much would you owe at the end of a year?

Reference no: EM131925805

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