Stirfey, a recem college graduate, evotodly described to her older ester the $1,900 sola, table, and chare ohe found today However, when asked, ahe could nok iell her aither which interest interest Now, assume the sore uses the abd-on method of interest calcuafon. Catculate the monthly payment and total cost with a one-yoar reparment pariod and 11 oo percent hiterost. Extlain Why the bask payment and lotil cost are lower even though the stated interest rele is Nigher. Cick on the table icon is view the Monthy instament Loan Payment Factar (MiLPF) table The morthly payment for a bank lobn aswining oge-year repaymont penod and 1300% interest is 1 . (Round to the neareat cent) (Click on the following icon 0 , in order to copy its contents into a spreadsheet)