L Do the Math 7-1 Monthly Payments and Finance Charges or an Add-on Rate Loan Zachary Porter of Abilene, Texas, is contemplating borrowing $14,000 from his bank. The bank could use add-on rates of 7.0 percent for 3 years, 7.7 percent for 4 years, and 8.8 percent for 5 years. Use the following equation to calculate the finance charge and monthly payment for these three options. Round your answers to the nearest cent. where I = Interest or finance charges P = Principal amount borrowed I= PRT R = Rate of interest (simple, add-on, or discount rate) T = Time of loan in years For the 7.0 percent loan the finance charge would be $ For the 7.0 percent loan the monthly payment would be $ For the 7.7 percent loan the finance charge would be $ For the 7.7 percent loan the monthly payment would be $ For the 8.8 percent loan the finance charge would be $ For the 8.8 percent loan the monthly payment would be $ A-Z

Do the Math 71 Mortivy. Fayments and Finance Charges or an Aod-bn Fale Lhat t=PRT where I= Interest or finance charges P= Principal amount borrowed R = Rate of interest (simple, add-on, or discount rate) T - Time of loan in years