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Project for Chapter 7 Section 5 Name: Use the Cost of Credit calculator at financial calculators to answer the following questions. .loe gets a cash advance for $650 using a credit card that has an Annual Percentage Rate of 19.85%. If Joe pays the minimum monthly payment of $21.45: 1. How long will it take him to pay for the cash advance? 2. What is the total amount Joe will pay for the advance? 3. What is Joe's total cost of using creditiinterest)? If Joe makes monthly payments of $60: 4. How many months will it take forloe to pay off the cash advance? 5. What is the total amount Joe will pay for the advance? 6. What is Joe's total cost of using credit (find the interest paid)? Project for Chapter 7 Section 5 Now, let us look at the same cash advance, this time using a Payday loan company: A local loan company charges an APR of 19.99%. (The actual APR may be higher or lower, depending on the amount you borrow and the payment schedule.) (This works out to be a simple interest rate of 16.67% a month.) If Joe gets a payday loan for $650, use the calculator at financial calculators to answer the following questions. 1. What is the amount of interest charged for the first month? (use simple interest formula) 2. If he pays $60 a month, how many months will it take forJoe to pay off the loan? What happened? 3. If he pays $120 a month, how many months will it take forJoe to pay off the loan? a. What is the total amount Joe will pay for the loan? b. What is Joe's total cost of using a payday loan (find the interest paid)