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10. Comparing payments on installment loans when using the simple interestor add-on methods to compate finance charges Comparing toan Payments Using the Simple-Interest and Add-Oa Methods of Internst Computation Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more coenmon than single-payment loans because it is easier for most people to pay a fixod 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 papment is made, more of it is allocated to reduding the principal. As the principal owed decreases, so too dees the interest charged on it. Since the payment is always the same each month, the allocation between principal and interpat is always different (moce to the principal and lesis to the interest). The add on method is a widely used technique for computing interest on installment loans. with the add-on mothod, interest is calculated by applying the itated interest rate to the original balance of the loan. Hilary and Maria are tikine out instalment loars for $2,300 at a stated intereot rate of 1ows. The term of each lean is two years. Hilary and Maria are taking out installment loans for $2,300 at a stated interest rate of 10%. The term of each loan is two years. Answer the following questions using the preceding repayment information table as necessary. 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 tablos are slightly different to reflect the different methods used for finance charges.) Who paid more for the same loan? Maria, whose loan used the add-on method to compute finance charges Hilary, whose loan used the simple interest method to compute finance charges Hilary, whose loan used the add-on method to compute finance charges Maria, whose loan used the simple interest method to compute finance charges