You can use a table like this to find the monthly payments on a wide variety of simple interest installment loans. Although it's set up to show payments on a $1,000 loan, with a little modification you can easily use it with any size loan (the principal can be more or less than $1,000). LOAN MATURITY Rate of Interest 6 Months 18 Months 24 Months 36 Months 48 Months 60 Months 12 Months $86.07 6.0 $169.60 $58.23 $44.32 $30.42 $23.49 $19.33 6.5 169.84 86.30 58.46 44.55 30.65 23.71 19.57 7.0 170.09 86.53 58.68 44.77 30.88 23.95 19.80 7.5 170.33 86.76 58.92 45.00 31.11 24.18 20.05 8.0 170.58 86.99 59.15 45.23 31.34 24.42 20.28 8.5 170.82 87.22 59.37 45.46 31.57 24.65 20.52 9.0 171.07 87.46 59.60 45.69 31.80 24.89 20.76 9.5 171.32 87.69 59.83 45.92 32.04 25.13 21.01 10.0 171.56 87.92 60.06 46.15 32.27 25.37 21.25 11.0 172.05 88.50 60.64 46.73 32.86 25.97 21.87 12.0 172.50 88.85 60.99 47.08 33.22 26.34 22.25 13.0 173.04 89.32 61.45 47.55 33.70 26.83 22.76 14.0 173.54 89.79 61.92 48.02 34.18 27.33 23.27 15.0 174.03 90.26 62.39 48.49 34.67 27.84 23.79 16.0 174.53 90.74 62.86 48.97 35.16 28.35 24.32 17.0 175.03 91.21 63.34 49.45 35.66 28.86 24.86 18.0 175.53 91.68 63.81 49.93 36.16 29.38 25.40 6. Chris Jenkins is borrowing $10,000 for five years at 7 percent. Payments are made on a monthly basis, which are determined using the add-on method. a. How much total interest will Chris pay on the loan if it is held for the full five-year term? b. What are Chris's monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method