Question: ADD-ON LOANS vs SIMPLE INTEREST LOANS . You are borrowing $450,000 on a 15 year, 8.5% interest loan to buy a property. 17a ) What

  1. ADD-ON LOANS vs SIMPLE INTEREST LOANS. You are borrowing $450,000 on a 15 year, 8.5% interest loan to buy a property. 17a) What will the total interest be if it was an add-on interest loan?

17b) How much would the monthly payment be (for 30 years) if it was an add-on interest loan?

17c) What will the total interest be if it was a simple interest amortized loan?

17d) How much would be the monthly payment (for 15 years) if it was a simple interest amortized loan?

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