Worked examples / Borrowing
$500 for a month: a 5% fee plus interest from the first day.
That is 85% a year.
This is a worked example with illustrative figures, not data about any real person or company. Change any of them in the calculator and the answer changes with them.
How this answer was worked out| Fee | $535 - $500 = $35 |
| Yearly rate | $35 / $500 x 365 / 30 = 85% |
| Other option would cost | $9.04 |
Every formula is written out on the formulas page.
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