Pawning an item

Very expensive money

That is 243% a year.

• The fee is $90 on $150 for 90 days.
• With a 20% chance of losing an item worth $600, the expected cost is $162.
• The same money at 22% a year would cost $8.14.

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

Every formula is written out on the formulas page.

What the calculator asks you

• Cash you get
• Total to get the item back
• Days until you pay it back
• What the item is worth to you
• Chance you cannot pay it back
• Yearly rate of your cheapest other option

Related

• Borrow or pay cash?Worked example
• A 0% financing dealWorked example
• Payday loanWorked example
• Credit card cash advanceWorked example
• Pay in 4Worked example
• Is it worth it?The calculator this example comes from
• Before you decideA checklist of what is worth checking first