## Related questions with answers

Question

*In this exercise, use the add-on method of calculating interest to find the total interest and the monthly payment.*

Amount of Loan |
Length of Loan |
Interest Rate |
---|---|---|

$\$ 535$ | $16$ months | $5.1 \%$ |

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 8Given the amount of loan of $\$535$ with a $5.1\%$ add-on rate for $16$ months. We want to find the following:

### (a.) the total interest, and

### (b.) the monthly payment

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