Amber and Mike are taking out installment loans for $1,700 at a stated interest rate of 6%. The term of each loan is five years. Answer the following questions using the repayment information table that follows the questions as necessary. For convenience, the table headings are displayed above the scroll box. Mike Amber Mike's loan uses the add-on method to compute finance charges. Amber's loan uses simple interest to compute finance charges. Amber's monthly payment rounded to the nearest cent Mike's total finance charge rounded to the nearest cent is $ . is $ Complete the following tables using all interim figures rounded to the nearest cent in your calculations. Enter all figures as positive numbers rounded to the nearest cent. Note that the tables are slightly different to reflect the different methods used for finance charges. Mike - Add-On Principal Finance charge Total payments $ Amber - Simple Total payments $ Principal Finance charge $ Who paid more for the same loan? , whose loan used the method to compute finance charges. Monthly Installment Loan Payments to Repay a $1,000, Simple Interest Loan Number of Monthly Payments Rate of Interest 12 24 36 48 60 72 84 $85.61 $86.07 $86.53 $86.99 $87.45 $87.92 $88.38 $88.85 $89.32 $89.79 $90.26 $90.73 $91.20 $91.68 $43.87 $44.32 $44.77 $45.23 $45.68 $46.14 $46.61 $47.07 $47.54 $48.01 $48.49 $48.96 $49.44 $49.92 $29.97 $30.42 $30.88 $31.34 $31.80 $32.27 $32.74 $33.21 $33.69 $34.18 $34.67 $35.16 $35.65 $36.15 $23.03 $23.49 $23.95 $24.41 $24.88 $25.36 $25.85 $26.33 $26.83 $27.33 $27.83 $28.34 $28.85 $29.37 $18.87 $19.33 $19.80 $20.28 $20.76 $21.25 $21.74 $22.24 $22.75 $23.27 $23.79 $24.32 $24.85 $25.39 $16.10 $16.57 $17.05 $17.53 $18.03 $18.53 $19.03 $19.55 $20.07 $20.61 $21.14 $21.69 $22.25 $22.81 $14.13 $14.61 $15.09 $15.59 $16.09 $16.60 $17.12 $17.65 $18.19 $18.74 $19.27 $19.86 $20.44 $21.02