Question:
A loan shark lends you $70 at 3% compound interest per week
Last updated: 7/14/2022
A loan shark lends you $70 at 3% compound interest per week (this is a weekly, not an annual rate). (a) How much will you owe after 2 years? (Use 52 weeks per year.) (b) In "street" language, the profit on such a loan is known as the "vigorish" or the "vig." Find the shark's vig.