What is a payday loan? In the space provided below, give me a one-sentence definition. Imagine the following scenario. A poor individual borrows $61 from a payday loan establishment. After one week, the establishment wants the principal plus 10 percent interest back. But the poor individual will not have that kind of money; so, he goes to another establishment and borrows the money he owes the first one. He does this each week for one year (52 weeks). Assume that interest rates do not change from one establishment to another, or from one week to another. (a) How much money will this individual owe at the end of the year? (b) What is the total amount of interest that the individual owes at the end of the year, in dollar terms? (c) What is the total amount of interest that the individual owes as a fraction of the principal? Express your answer in percentage terms