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How much will you owe by the end of the second week

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Question - 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.

Required -

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?

Reference no: EM133027712

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