the last option for the last question is "Nick, whose loan used the simple interest method to compute finance charges"

ssignment: Chapter 07 Using Consumer Loans For an instaliment logn 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 princlpal. As the priacipal 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 princlpal and less to the interest). The add-on method is a widely used technique for computing interest on instaliment loans. With the add-on method, interest is calculated by applying the stated interest rate to the orlginal balance of the loan. Jake and Nick 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 ail 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 for finance charges.) Who paid more for the same loan? Jake, whose loan used the simple interest method to compute finance charges Jake, whose loan used the add-on method to compute finance charges Nick, whose loan used the add-on method to compute finance charpes