Your "friend," the loan shark

In this first exercise, you have borrowed $50 from a friend.

This friend that you have borrowed the money from is running a money lending business on the side and has offered to let you pay back the loan in 6 daily installments of $10.

You will fill out the amortization schedule for this loan - while the rate says 5%, this is over the 6-day period. In reality, your annualized interest is over 300%!