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For the best terms on a loan or credit card, you need a credit score above 700. To achieve this, start establishing credit no
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Answer #1

According to the add-on method, the interest on the loan is calculated using the following equation

I P x R xT

I = $59000 x 0.07 x 6 years

Interest = $ 24,780

Total payment to be repaid = $ 59,000 + $ 24,780 = $ 83,780

$83,780 $ 1,163.61 Monthly payment 72 тоnths

Monthly payment by add-on method = $ 1163.61

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