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2 years ago

2. Describe how Jennifer fell into a cycle of debt using payday loans.

1 answer:

5 0

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

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Answer:

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Step-by-step explanation:

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Pythagoras theorem says,

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Here let horizontal distance is "a''

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