Question: Hello, may you also please solve using steps on financial calculator? thank you in advance -.289 8. Calculating and comparing add-on and simple interest loans.

Hello, may you also please solve using steps on financial calculator? thank you in advance

-.289 8. Calculating and comparing add-on and simple interest loans. Steven Riley is borrowing $10,000 for 5 years at 7 percent. Payments are made on a monthly basis, which are determined using the add-on method. How much total interest will Steven pay on the loan if it is held for the full 5-year term? b. What are Steven's monthly payments? How much higher are the monthly payments under the add-on method than under the sim- ple interest method? 8. C

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