There is a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years. On this loan, the finance charge is $ , and the monthly payment is $ .

You are borrowing $1,000, the APR is 10%, and the loan term is one year. Total interest charges will be higher if [ you pay off the loan in 12 monthly installments | you make one payment in full at the end of the year].