Aftempts $$ Keep the Highest $\frac{?}{5}$

$9.$ Calculating an installment loan payment using the add$-$on method

Calculating the Loan Payment on an Add$-$On Interest Installment Loan

Installment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single$-$payment loans because it is easier for most people to pay a fixed amount periodically $($usually monthly$)$ than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add$-$on method.

The add$-$on method is a widely used technique for computing interest on installment loans. With the add$-$on method, interest is calculated by applying the stated interest rate to the original balance of the loan. Finance charges using the add$-$on method are computed using the simple interest formula:

$F_E=$ Amount of Loan $x$ Interest Rate $x$ Term of Loan where $F_s$ is the finance charge for the loan, and the term of the loan is in months grad.

You're borrowing $$4,000$ for a year and a half with a stated annual interest rate of $10\%.$

Complete the following table. $($Note: Round your answers to the nearest dollar.$)$

$\backslash$table$[[$Principal$,$$$4,000$