B 40. A student who has never learned about personal financing takes out a $1,000 payday loan with Cash Money. Cash Money charge $15 per $100 borrowed (the maximum allowable by law in Ontario). On a $500 loan for 14 days, the cost of borrowing is $75, with a total repayment amount of $575 and an APR of 391.07%. If the student signs off on the $1,000 payday loan, but they don't pay anything back, how much will they owe Cash Money after one year? Be sure to show your equation with symbols, then substitute, and show all clear BEDMAS steps for full marks. Your final answer should be rounded with proper money formatting. (2 marks)