Exercise 8: Calculating and comparing add-on and simple interest loans chis Jonkins is borrowing $10,000 for five years at 7 percent. Payments are made on a monthly basis, which are determined using the add-on method, a b c how much total interest will chris pay on the loan if it is held for the full five- year term? What are chris monthly payments? how much higher are the month payments under the add-on method than under the simple interest method