Your friend, the payday loan shark.
Remember your friend the loan shark from the beginning of the course? Now, he's doing payday lending!
He is aware that he can't charge over 200% APR on a loan, so he's asked for your help to make sure his loans are legal. His plan is to charge $10 for every $100 loaned over 30 days, with a maximum of $500 loaned at a time.
This exercise is part of the course
Loan Amortization in Google Sheets
Exercise instructions
- Fill in all required fields and calculate the APR on the payday loan, assuming a 365 day year.
Hands-on interactive exercise
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