Part II: ACE Cash Express ACE Cash Express is a payday lender that claims to help you obtain cash quickly. It is licensed to do business in California as well as in a number of other states. Below is a description from its Canr website. Loan amounts from $2,500 to $3,100. Long term and Annual Percentage Rate (APR) vary based on pay date. The example below assumes a $2,600 loan with a monthly pay schedule without odd days. 3. Loan Example, Case 1: Customers allow ACE to automatically submit electronic payments to their bank account. Finance Charge Loan Amount Annual Percentage PaymentNmber of Total of PaymentsPayments Rate (APR) 209.62% Amount $2,600 Table I. Loan from ACE Cash Express in case where automatic payments submitted to bank. a. Given an APR of 209.62%, what is the monthly rate r as a decimal? (Report answer to 6 decimals.) b. Use the formula given in question I(a) to calculate the customer's monthly payment amount. (Round the payment up to the nearest penny.) Show your work. c. Use the information from 3(a and b) to fill in the blank cells in Table 1