After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $15,100 price, but financing through the dealer is no bargain. He has $2,000 cash for a down payment, so he needs an $13,100 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $13,100 for a period of four years at an add-on interest rate of 8 percent.

What is the total interest on Richards loan?

What is the total cost of the car?

What is the monthly payment?

What is the annual percentage rate (APR)? .