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Add-On Interest Loan. Beth has just borrowed $6,000 on a four-year loan at 5% simple interest. Using the simple interest method, her payments would be

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Add-On Interest Loan. Beth has just borrowed $6,000 on a four-year loan at 5% simple interest. Using the simple interest method, her payments would be $138.18. What if Beth had made the same loan as and-on interest loan? How would her payments differ? Why is there a difference? With an add-on interest loan, Beth's payments would be $ (Round to the nearest cent.)

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