Zachary Porter of Abilene, Texas, is contemplating borrowing 510,000 from his bank. The bank could use add-on rates of 7.9 percent for 3 years, 7.4 percont for 4 years, and 8.3 percent for 5 years. Use the following equation to calculate the finance charge and monthly payment for these three options. Round your answers to the nearest cent. 1 = PRT where I = Interest or finance charges P = Principal amount borrowed R = Rate of interest (simple, add-on, or discount rate) T = Time of loan in years For the 7-0 percent loan the finance charge would be s For the 7.0 percent on the monthly payment would be For the 7.4 percent loan the finance charge would be For the 74 percent loan the monthly payment would be s For the percent loan the finance charge would be thor: tnd-of-Chapter Problems - Credit Cards and Consumer Loans where I = Interest or finance charges P = Principal amount borrowed R = Rate of interest (simple, add-on, or discount rate) T = Time of loan in years For the 7.0 percent loan the finance charge would be $ For the 7.0 percent loan the monthly payment would be $ For the 7.4 percent loan the finance charge would be $ For the 7.4 percent loan the monthly payment would be $ For the 8.3 percent loan the finance charge would be $ For the 8.3 percent loan the monthly payment would be $ Grade it Now Save & Cont