Question

You borrow $500 from a payday lender who charges $30 per hundred dollars borrowed per two weeks lending period. If you repay $150 every two weeks how much will you have repaid in all by the time pay off your loan?

Answer 1

If you borrowed $500 from a payday lender and repay $150 every two weeks, you would have repaid a total of $900 by the time you pay off your loan.