q13 please help! I like questions if they are right!! **Understanding Payday Loans**Payday loans, also known as cash advance loans, are short-term, high-interest loans designed for individuals needing quick cash before their next paycheck. While they can provide immediate financial relief, these loans come with significant risks due to their high fees and potential for encouraging a cycle of debt. It's crucial to use them with extreme caution.Typically, payday loans charge a fixed fee ranging from $15 to $30 per $100 borrowed. Lenders may also require access to your checking account to ensure payment.**Example Problem:**Consider a payday loan with a fixed fee of $23 per $100 borrowed, due in two weeks when your paycheck arrives. **Scenario:**- Amount borrowed: $900**Question:**- What is the total fee (excluding the $900 principal) owed to the lender at the end of two weeks?*Instructions: Round your answer to the nearest cent if necessary.*(Note: There are no graphs or diagrams accompanying the text.)

A fraction is a number in the form xy (where x and y are both integers and y≠0). In the above number form, x is called the numerator of the fraction, and y is called the denominator of the fraction. Fractions can be classified as: Proper Fractions: All fractional values where the numerator is less than the denominator. Improper Fractions: All fractional values where the numerator is greater than or equal to the denominator.It is given that the fixed fee is 23 dollars for every 100 dollars loaned for 2 weeks. Therefore, the fixed fee for every dollar loaned for 2 weeks will be: Fee = 23 dollars for 100 dollars∴Feefor 1 dollar = 23100= 0.23 The fixed fee for every dollar loaned for 2 weeks is 0.23 dollars. Therefore, the fixed fee for 900 dollars loaned for 2 weeks will be: Feefor 900 dollars = 900×Feefor 1 dollar= 900×0.23= 207 Therefore, the fixed for a loan of 900 dollars for 2 weeks will be 207 dollars. Answer: 207 dollars