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How much money did Tommy borrow in order to wind up owing the loan shark $150,000?
I saw the musical Jersey Boys recently and I got the impression Tommy borrowed $10,000. I could have heard wrong but isn't that an awful lot of interest?
3 Answers
- Anonymous3 years ago
No way of knowing. Loan sharks don't have written contracts and have a habit of throwing in random extra charges as well as a weekly or even daily interest rate..
An initial loan of $1,000 can easily end up as $150,000.
- CliveLv 73 years ago
The phrase "loan shark" is the key. Borrow from someone like that and they charge a LOT of interest. So ending up owing several times what you borrowed is entirely possible. I haven't seen the musical but I'm sure you didn't hear wrong - I could believe that. It is to protect people from loan sharks that there are laws and banking regulations about being allowed to lend money.
- don_sv_azLv 73 years ago
Loan sharks don't come cheap, and he may have borrowed additional money. A typical loan shark charges 10-20% per WEEK.
