Question: Doug Black bought a jet ski with a 8% add-on interest installment loan from his credit union. The purchase price was $1,650. The credit union

Doug Black bought a jet ski with a 8% add-on interest installment loan from his credit union. The purchase price was $1,650. The credit union required a 15% down payment and equal monthly payments for 48 months. What are Doug's monthly payments (in $)? (Round your answer to the nearest cent.)

(a) What is the rebate fraction of a 36 month loan paid off after the 15th payment?

(b) What is the rebate fraction of a 42 month loan paid off after the 16th payment?

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