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

question 23

Short Answer

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 $3,500 loan at 17% add-on rate for 3 years.
$ __________ interest; $ __________ per month

---

Definitions:

Allergy Immunotherapy

Allergy immunotherapy is a treatment aimed at desensitizing the immune system to specific allergens to reduce the severity of allergic reactions.

Transdermal Patches

Medication delivery systems that release drugs into the bloodstream through the skin.

Red Blood Cells

Also known as erythrocytes, these are the cells in the blood responsible for carrying oxygen from the lungs to the rest of the body and returning carbon dioxide back to the lungs.

Oxygen

A chemical element vital for most forms of life on Earth, used in respiration and medical therapies.