culating and comparing add-on and simple interes ns. Eli Nelson is borrowing $10,000 for five years at ercent. Payments, which are made on a monthly sis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Eli's monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method? culating and comparing add-on and simple interes ns. Eli Nelson is borrowing $10,000 for five years at ercent. Payments, which are made on a monthly sis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Eli's monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method