Jim Smith wants to borrow $15,000 from Vail National Bank. Vail has an add-on loan with an interest rate of 12% and monthly payments for one year. What are the monthly payments Jim will need to make on this loan? What is the APR of the loan? Assume that Jim makes loan payments at the end of the month.

Group of answer choices

$1,412.50; 23.19%

$1,400.00; 21.46%

$1,386.50; 19.62%

$1,375.00; 18.00%