Find the Amount of Interest and the Monthly Payment for the Loan

question 18

Multiple Choice

Find the amount of interest and the monthly payment for the loan described below. Round interest to the nearest dollar and monthly payment to the nearest cent. A $1,000 loan at 11% add-on rate for 3 years.

• A) \(\$ 330\) interest; \(\$ 110.83\) per month
• B) \(\$ 330\) interest; \(\$ 37.99\) per month
• C) \(\$ 368\) interest; \(\$ 37.99\) per month
• D) \(\$ 330\) interest; \(\$ 36.94\) per month
• E) \(\$ 368\) interest; \(\$ 36.94\) per month

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