- Jurisdiction
- Indiana
Found out that my son is dealing with a loan shark. He borrowed $10,000 and needs to pay the principal ($10K) plus the interest ($4,000) in 6 months. So, pay back $14k in 6 months. What does that figure out to be as ___% interest rate?
2nd option, pay back $6,000 at 12 months. So, pay back $16,000 in 12 months. What does that figure out to be as ___% interest rate?
I'm trying to make a point with my son. Thanks!
PS, yes, this is a "loan" to pay back a drug dealer who is putting the heat on my son. Yes, we're having some issues in Indiana
2nd option, pay back $6,000 at 12 months. So, pay back $16,000 in 12 months. What does that figure out to be as ___% interest rate?
I'm trying to make a point with my son. Thanks!
PS, yes, this is a "loan" to pay back a drug dealer who is putting the heat on my son. Yes, we're having some issues in Indiana