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18) ADD-ON LOANS vs SIMPLE INTEREST LOANS. You are borrowing $500,000 on a 30 year, 5.5% interest loan to buy a property. 18a) What will

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18) ADD-ON LOANS vs SIMPLE INTEREST LOANS. You are borrowing $500,000 on a 30 year, 5.5% interest loan to buy a property. 18a) What will the total interest be if it was an add-on interest loan? 18b) How much would the monthly payment be (for 30 years) if it was an addon interest loan? 18c) What will the total interest be if it was a simple interest amortized loan? 18d) How much would be the monthly payment (for 30 years) if it was a simple interest amortized loan

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