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George and Kelly are taking out installment loans for $1,500 at a stated interest rate of 5%. The term of each loan is six years.
George and Kelly are taking out installment loans for $1,500 at a stated interest rate of 5%. The term of each loan is six 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. Kelly George George's loan uses simple interest to compute finance Kelly's loan uses the add-on method to compute finance charges charges George's monthly payment rounded to the nearest cent Kelly's total finance charge rounded to the nearest cent s s Complete the following tables using a 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. Kelly Add-on George Simple Total payments Principal Principal Finance charge Finance charge Total payments Who paid more for the same loan? whose loan used the method to compute finance charges
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