Chapter 7 Financial Planning Exercises Calculating and comparing add-on and simple interest loans Chris Jenkins is borrowing $9,000 for 5 years at 9 percent. Payments are made on a monthly basis, which are determined using the add-on method, 3. How much total interest will Chris pay on the loan if it is held for the full five-year term? 4,050 b. What are Chris monthly payments? Round the answer to the nearest cent 5 217.50 per month C. How much higher are the monthly payments under the add-on method than under the simple interest method (determined using a calculator or approximated uing Exhibit 262 Round the answer to the nearest cent. X per month