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Shirley, a recent college graduate, excitedly described to her older sister the$1,870 sofa, table, and...

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Finance

Shirley, a recent college graduate, excitedly described to her older sister the$1,870 sofa, table, and chairs she found today. However, when asked she could not tell her sister which interest calculation method was to be used on her credit-based purchase. Calculate the monthly payments and total cost for a bank loan assuming a one-year repayment period and13.25 percent interest. Now, assume the store uses the add-on method of interest calculation. Calculate the monthly payment and total cost with a one-year repayment period and 11.25 percent interest. For a bank loan assuming a one-year repayment period and 13.25% interest, the monthly payment is ____$ round nearest cent.

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