For an installment loan using simple interest and equal payments throughout the life of the loan, interest is charged only on the outstanding balance. As each payment is made, more of it is allocated to reducing the principal. As the principal owed decreases, so too does the interest charged on it$.$ Since the payment is always the same each month, the allocation between principal and interest is always different $($more to the principal and less to the interest$),$

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.

Valerie and Caroline are taking out installment loans for $$3,000$ at a stated interest rate of $11\%.$ The term of each loan is seven years.

Answer the following questions using the preceding repayment information table as necessary.

Valerie

Caroline

Valerie's loan uses simple interest to compute finance charges.

Caroline's loan uses the add$-$on method to compute finance charges.

Valerie's monthly payment rounded to the nearest cent is $

Caroline's total finance charge rounded to the nearest cent is $

Complete the following tables using all interim figures rounded to the nearest cent in your calculations. Enter all figures as positive numbers rounded to the nearest cent. $($Note: The tables are slightly different to reflect the different methods used far finance charges.$)$

$\backslash$table$[[$Valerie$-$Simple,Caroline $-$ Add$-$On$],[$Total payments,$5,$Principal,$