Since Jennifer needs to settle her monthly rent and decides to obtain a payday loan, <u>she will certainly fall into a </u><u>cycle of debt</u><u> because of its recurring nature.</u>
<h3>What is a Payday Loan?</h3>
Payday Loans are short-term, low-balance cash advances usually offered to individuals with cash shortages at usury rates (high interest) because of the unsecured nature of the loans.
<h3>Data and Calculations:</h3>
Amount of Payday Loan taken = $375
Repayment amount = $500
Interest expense = $125
Rate of interest = 33.33% ($125/$375 x 100)
Thus, by opting for a payday loan to settle her monthly rent instead of increasing her earnings, Jennifer entered into a cycle of debt.
Learn more about living on payday loans here: brainly.com/question/25239160
Answer:
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91.4
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403090
haven't done number riddles in a while, sorry if my answer is incorrect.
