You plan to borrow $8,000 in order to take a vacation and want to repay the loan in a year. The banker offers you a simple interest rate of 8% with repayments in equal installments three months, six months, nine months, and twelve months from now. What is your total interest bill? What is the effective interest rate paid? How would your answers change if the add-on method were applied? Show your work below. (12 points)