October 10, 2015

Homework Help: Finance

Posted by Joyce on Saturday, May 31, 2014 at 10:54am.

I am borrowing $ 10,000 for 5 years at 7% . Payments are made on a monthly basis and are determined using the add- on method. 1: How much total interest will I pay on the loan if I held it for the full 5 year term ? 2 : What would my monthly payments be and 3: How much higher would the monthly payments be under the add - on method than under the simple - interest method ?

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