Tim needed a $12,000 loan for his new car. He took a loan which is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal is being paid every month. Tim borrowed $12,000 for a period of five years at an add-on interest rate of 10 percent. The APR for this loan was (HINT: a) Calculate the add-on interest, b) Add it to the principal, c) Estimate the monthly payment d) Apply the APR formula $12,270 $180.50 19% 1967 au p 888 Fa FS F7 F8 F9