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Shirley, a recent college? graduate, excitedly described to herolder sister the $1,510 sofa, table, and chairs she found today.?However, when asked she could not tell her sister which interestcalculation method was to be used on her? credit-based purchase.Calculate the monthly payments and total cost for a bank loanassuming a?one-year repayment period and 13.25 percent interest.?Now, assume the store uses the? add-on method of interestcalculation. Calculate the monthly payment and total cost with a?one-year repayment period and 11.25 percent interest. Using theinformation? above, how much interest will Shirley? "save" or berebated if she can repay the loans after six? months?For a bank loan assuming a? one-year repayment period and13.25?% ?interest, the monthly payment is?