100% E Wed 3:46 AM aE IMG 7621.JPG Open with Preview 3. [10 points) A pay-day loan is a short-term loan provided to people who make a promise to repay the debt when they receive their next paycheck. Suppose some unexpected bills leave you short of cash and you will not receive another paycheck until next month. A local establishment offers a pay-day loan where you can borrow the $350 you need to eover expenses. The stated annual interest rate is 12% and the amount borrowed, plus interest, is due in one month. The loan also requires that you pay a S25 fee at the time at which you receive the funds. If you repay the debt as promised, what is effective cost of this loan? i- go e v