Add-on interest consider a 6 year loan at 85 for 21 75000, Ask an Expert

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Add-On Interest. Consider a 6 year loan at 8.5% for $21, 750.00 that is figured on an add on interest basis, (a) what are the monthly payments? (b) what is the APR? (c) suppose the underlying asset's value is actually just $19,000.00, what is the effective interest rate?

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