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Chapter 7 Financial Planning Exercise 8 Calculating and comparing add-on and simple interest loans Chris Jenkins is borrowing $8,500 for 5 years at 7 percent. Payments are made on a monthly basis, which are determined using the add-on method. a. How much total interest will Chris pay on the loan if it is held for the full five-year term? b. What are Chris' monthly payments? Round the answer to the nearest cent. per month c. How much higher are the monthly payments under the add-on method than under the simple interest method (determined using a calculator or approximated using Exhibit 7.6)? Round the answer to the nearest cent. per month