surely, a recent college graduate, excitedly described to his older sister the $1190 sofa, table, and chairs she found today. However, when asked she cannot tell her sister which interest calculation method was to be used on her credit base purchase. calculate the monthly payments in total cost for a bank loan assuming one year repayment. And 13. 7% interest. Now, assume the store uses the ad on method of interest calculation. Calculate the monthly payment and total cost with a one year repayment. And 11. 75% interest. Explain why the bank payment and total cost are lower even though the state interest rate is higher. (5 PART QUESTION)

The monthly payment for a bank loan assuming one the every payment period and 13. 75% interest is ___$