Determine the cost of a Payday loan. Your next door neighbor had a rough few months. He fell behind on his mortgage and is living paycheck to paycheck. He anticipates another mortgage payment of $2500 coming up very soon at the beginning of April 15th and does not have the liquidity to pay it before his next paycheck on April 21st. He tries a payday loan that is run by Burns Corp on April 13st. The payday loan charges him a fee of $375 for his $2500 advance on his pay. He pays off his $2500 mortgage on April 15^th with the payday loan. He gets paid from his employer $2500 on April 21^th but another bill comes up! His son broke his arm skate boarding and the hospital bill of $5500 is due May 1st. He must now delay repayment to the Burns Corp. for the payday loan. They charge him another $375 to delay repayment another pay period (2 weeks). He pays off the hospital bill (May 5^th), but now his monthly taxes, credit cards and utilities of 2500 are due (May 15th). He defers the payday loan for another pay period (to May 19^th). They charge him another $375 to delay repayment for another 2 weeks. He gets paid and pays his credit card and utility bills, but then his wife has an accident with the family car, and they need to have it fixed! He defers repayment to Bums Corp, for payday loan again. They charge him another $375 to delay repayment. He finally gets his tax return check of $4600 and repays the payday loan. a) How much money does he pay to Burns Corp. for the Payday loans? b) How much interest would he have paid if he had used his credit card with a 14.99% APR instead of a payday loan