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11 October, 22:38

The monthly payment on an 8%, 36-month, add-on loan for $10,000 would be

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  1. 11 October, 23:05
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    Add on method is

    A method of calculating interest whereby the interest payable is determined at the beginning of a loan and added onto the principal. The sum of the interest and principal is the amount repayable upon maturity.

    The interest is

    I=10,000*0.08 * (36:12) = 2,400

    Add the interest to the principle

    2,400+10,000=12,400

    Monthly payment is

    12,400:36months=344.44
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