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(t.1) For this question, use 365 as the number of days in a year. A custemer wales into One Day Paydit Loars to borrow 3100 at an armual rate of an antual rate of 7.7 peocent for 1 Gay. When the custorier goes in the next day to pay off the loan, the balance of the account (and thus the amount needina to be baidf b ) dolant, and thus the interest (inten at is sad and dene, this is the amount that the customer ends up parying to the bark at the bark's protic is laan for 1 day has a final account balance of , thas the value of r ia and this annual rate witten as a percentage it percere. PA 2: Since many employees get paid once every two weeks, it is typical that the timudraine for a pwydy loan is two weeks. since there ave 52 weeks in a yos, there are 26 pay percols in a yeur. Next Check Access is a peyday loan company in town which wit loan $100 to aryone who can prove they have a job fno oredit check requrectis and the fee for boerowing is 325 . That is, at the end of two weeks, the customer must pay a tocal of $125 to Next Check Acoess. (2.1) Pikachu goes to borrow $100 foc one pay period. The arrual interest rate foc botrowing is r= and this arnual rate writer an a percentage is percent. Piknchu pot. However, Teddiursa carnot paytack the account at ali at the next pay period. Instead, Teddursa's lom becomes an account with combound interest futh interest compounded per pay period) and ends up borrowing the eash for a total of 8 pey periods, and which point feddiura must wite a check for dotars to diote the accourt, thus a texal of dolaes of interest was paid. PAFI 3 a.1) Teddursa had to go to Next Check Accese because they didn't have a credit score. Howeve, Dragonte has a decent credt acore and has a oredit card that charges 22 percent interen ias an annual ratel. with interest oompounded daily. This ien't a particularly grest interest rate, but it's better than what Next Check Access can oftes. Bupoose that Dragonte charges \$500 to theit ored card the same amount that Thddiura borrows) for a total of 8 pay periods fusing 14 days per pay period and 365 as the number of days in a year. Dragonite aiso is takirg advartage of a soocial deal where the credit card allows no payments requred (since thev lust oobed the account. At the end of 8 pay periods, Dragonite can pay uff the entire credi card balance ty paipire dellars, thus a total of dollars of interest was pad to the credit card company 32) Though Teddiursa and Dragonite berrowed the same anount of mony (s00 dotlara) for the same ameunt of time 8 pay periodia). Teddursa paid of interest than Dragonite did. Since many employees get paid once every two weeks, it is fypical that the timetrame for a payday loan is two wenks. Gince there are 52 woaks in a yeac, there are 26 pay periods in a yeace Next Check Aconss is a payday loan compary in town which will loan $100 to anypre who can prove they have at job (no oredit check roquiredi and the tee for bomowing is $25. That is at the end of two woeks, the cusiomer nust pay a total of $125 to Next Check Access. 12.1) Plknchu goes to berrow $100 far one pay period. The annual interest rate for borrowing is r= and this annual rate writen as a percentinge is percent. 2.2. Teddiurna ia driving to work when their car breaks down. it is going to cost $500, so Teddiuns goes to Next Check Access and receives a ban for the sume intermet rate (aame value of n that pay period) and ends up borrowing the cash for a total of 8 pay periods, and which point Teddluma must wite a check for dollars to dose the account, thus a totat of dotiass of interest was paid. PAM a 3.1) Teddiursa had to go to Next Check Access becouse they didn't have a credit soore. However, Dragonite has a decent creda score and has a credit card that charges 22 percent hearest (as an deal whern the credit card allows no payments required (since ther iast odened the account. At the end of 8 pay periots, Dragonite can pay off the entre credit card betince by poying dotiars, thus a total of dollars of interest was paid to the credt card compary 3.2) Though Teddiursa and Dragonile borrowed the sime amount of mory (500 dollars) for the same amount of time is pay periodsi Teddursa paid of interest than Dragonite did. Since many employees get paid once every two weeks, it is typical that the timeframe for a payday loan is two weeks. 3 ince there are 52 woeks in a year, there are 26 poy periods in a yeac. Next Check Access is a paydoy loan compsty in town which wil laan $100 to anyone who can prow they havo a job (no crecit check requirecif and the fee for bontowing is $25. That as. at the end of two weoks, the customer must pay a total of $125 to Next Check Accets. Q.1) Pikachu goes to borrow $100 for one pay period. The annual interest rate for borrowing is r= and this arnual rate witten as a percentage is percent. Q.2) Toddurna is drving to work when their car broaks down. It is going to coat $500. se Tedifursa goen to Neat Check Access and receives a loss for the same intereat rafe isame value of n. that Pikachy got. Howeve, Toddiursa cannot payback the account at all at the next pay period. Instead, Toddiurar's loan becomes an accourt with conpound ieterest iwith interest compounded per poy period) and ends up borrowing the cash for a total of 8 pay periods, and which point Teddirsa must weite a check for dolars to clese: the account, thus a total of dollass of interest was pald. PANT 3 2.1) Teddursa had to go to Next Check Access because they didn't have a credit score. However, Dragonite has a decent credt score and has a sredt card that charpeo 22 percent interust ian an arnual ratel. with interest compounded daly. This ian't a particularty grest intereat rate, but irs becter than what Nuxt Check. Access can affec. Suppose that Dragonite charges $500 to their oredit card (the same amount that Toddursa borrows) for a total of 8 pay periods (uting 14 days per pay poriod and 365 as the number of days in a year. Dragonite also is taking advantage of a soecial deal where the crecit card alows no payments recuired isince they lust opened the accourf. At the ond of 8 pay periods, Dragonile cin pay off the entire credt cayt balance by paying dellars, thus a total of dollars of interest was pad to the credit card company. (3.2) Though Teddiuma and Dragonite bonrowed the same amount of mony (500 dolara) for the same amount of time f8 pay perlodeh Teddursa paid dollass of interest than Dragonite did
