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Bill Henderson is borrowing $10000 for 5 years at 9% Payments are made on a monthly basis which are determined using the add on method a How much total interest will Bill pay on the loan if it is

Bill Henderson is borrowing $10,000 for 5 years at 9%. Payments are made on a monthly basis, which are determined using the add-on method.

 

a. How much total interest will Bill pay on the loan if it is held for the full 5-year term?

b. What are Bill’s monthly payments?

c. How much higher are the monthly payments under the add-on method than under the simple interest method?

May 17 2020 View more View Less

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