It all adds up

Simple sums.

Amplify’d from blog.moneysavingexpert.com

Fact: borrowing £100 at Wonga’s APR costs more than the US national debt (over $14 trillion) after 7 years!

This is a shocking stat, but is absolutely true, and to prove it I want to show you the maths…

It all started when I received this tweet from @benwatford86

Borrowing at Wonga's APR could cost more than US debt

Read more at blog.moneysavingexpert.com

Borrow £100 and make no repayments
After 1 year	Owe £4,200
After 2 years	Owe £180,000
After 3 years	Owe £7,500,000 (£7 million)
After 4 years	Owe £315,000,000 (£315 million)
After 5 years	Owe £13,000,000,000 (£13 billion)
After 6 years	Owe £557,000,000,000 (£557 billion)
After 7 years	Owe £23,500,000,000,000 (£23.5 trillion)

See this Amp at http://amplify.com/u/a1dzso