Since many employees get peid once every two woeks, it is typical that the timetrame for a paydey loan is two weeks. Since there are 52 weelss in a yeac, there are 26 pay periods in a year. Next Check Access is a payday loun company in town which will loan $100 to anyone who can prove they have a job (no credit check required), and the foe for borrowing is $25. That in, at the ond of two weekn, the customer must pay a total of $125 to Next Check Access. Q.1) Pikachu goes to borrow $100 for cne pay period. The annual interest rate for borrowing is r= and this annual rate written as a persentage is percent. (2.) Teddiursa is driving to wark when their car breaks dewn. It is going to cost $500, so Teddiursa goes to Next Check Aocess and receives a loan for the same interest rate (anme value of r ) that Pikachu got. Howevec. Teddiurse cirnot payback the account at al at the next pay peciod. Insiead, Teddiuna's loan becomes an account with comocund interest (with intereat compounded per pay period) and ends up bocrowing the casti for a total of 8 pay perieds, and which point Teddiuras must wertite a check for dellars to close the acoount, thus a total of dolars of interest was paid. PART 3 (3.1) Teddiursa had to go to Next Check Acoess because they didn't have a crodit score. However, Dragonite has a decont crodt score and has a credt card that charges 22 percent interest (as an amual rate). with interest compounded daily. This isn't a particutarty great interest rate, but it's better than what Next Creck Access can oHer, Suppose that Dragonite charges 5500 to their credit card (the same amount that Teddiursa borrowst for a total of 8 poy periods (using 14 days per pay period and 365 is the number of days in a year. Dragerile also is taking advartage of a enecial deal where the crodit card alows no payments recuired isince they lust opened the accoung. At the end of 8 pay periods, Dragonite can pay off the entire credit card balance by paying dollars. thus a total of dellars of interest was paid to the credit card compary. (3.2) Though Teddursa and Dragonite borrowed the same amount of mony (500 dollars) for the same ansount of tirre (88 pay periods. Teddiursa paid dolars of interest than Dragonite did