HELP PLS

ssignment: Chapter 07 Using Consumer Loans Comparing Loan Payments Using the Simple-Interest and Add-On Methods of Interest Computation Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans becaus is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. 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 prindpal owed decreases, so too does the interest chan on it. Since the payment is always the same each month, the allocation between principal and interest is always different (more to the principal an 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. Neha and Sam are taking out installment loans for $2,300 at a stated interest rate of 10%. The term of each loan is two years. Monthly Installment Loan Payments to Repay a $1,000, Simple Interest Loan 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 mearest cent. (Note: The tables are slightly different to refiect the different methods used for finance charges.) Whopaid more for the same loan? Sam, whose loan used the simple interest method to compute finance charges Sam, whose loan used the add-on method to compute finance charges Neha, whose loan used the add-on method to compute finance charges Nehia, whose loan used the simple interest method to compute finance charges