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    Legalize loan sharking

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    Please provide at least 300 words for this problem.

    If I can buy a car today for $5,000 and it is worth $10,000 in extra income next year because it enables me to get a job as a traveling anvil seller, should I take out a loan out from Larry the Loan Shark at a 90% interest rate if no one else will give me a loan? Will I be better or worse off as a result of taking out this loan? Can you make a case for legalizing loan-sharking?

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    https://brainmass.com/business/interest-rates/legalize-loan-sharking-223174

    Solution Preview

    Problem: If I can buy a car today for $5,000 and it is worth $10,000 in extra income next year because it enables me to get a job as a traveling anvil seller, should I take out a loan out from Larry the Loan Shark at a 90% interest rate if no one else will give me a loan? Will I be better or worse off as a result of taking out this loan? Can you make a case for legalizing ...

    Solution Summary

    The solution makes a case for legalizing loan-sharking. The posting discusses legalizing loan sharking. It explains how to buy a car with loan from Larry the Loan Shark at 90% interest. The explanation is given in 303 words.

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