Shirley, a recent collegegraduate, excitedly described to her older sister the $1,680 sofa, table, and chairs she found today.However, when asked she could not tell her sister which interest calculation method was to be used on hercredit-based purchase. Calculate the monthly payments and total cost for a bank loan assuming aone year repayment period and 15 percent interest.Now, assume the store uses theadd-on method of interest calculation. Calculate the monthly payment and total cost with aone-year repayment period and 13 percent interest. Explain why the bank payment and total cost are lower even though the stated interest rate is higher.Click on the table icon to view the MILPF table

.

The monthly payment for a bank loan assumingone-year repayment period and 15 percent interest is $___ .(Round to the nearestcent.)