Suzanne and Gavin are taking out installment loans for $1,700 ata stated interest rate of 6%. The term of each loan is five years.Answer the following questions using the repayment informationtable that follows the questions as necessary. For convenience, thetable headings are displayed above the scroll box.

Suzanne	Gavin
Suzanne’s loan uses simple interest to compute financecharges.	Gavin’s loan uses the add-on method to compute financecharges.
Suzanne’s monthly payment rounded to the nearest cent is $.	Gavin’s total finance charge rounded to the nearest cent is $.

Complete the following tables using all interim figures roundedto the nearest cent in your calculations. Enter all figures aspositive numbers rounded to the nearest cent. Note that the tablesare slightly different to reflect the different methods used forfinance charges.

Suzanne – Simple		Gavin – Add-On
Total payments	$	Principal	$
Principal	$	Finance charge	$
Finance charge	$	Total payments	$

Who paid more for the same loan?

  , whose loan used the     method to compute finance charges.

Monthly Installment Loan Payments to Repay a $1,000, SimpleInterest Loan

	Number of Monthly Payments
Rate of Interest	12	24	36	48	60	72	84
5	$85.61	$43.87	$29.97	$23.03	$18.87	$16.10	$14.13
6	$86.07	$44.32	$30.42	$23.49	$19.33	$16.57	$14.61
7	$86.53	$44.77	$30.88	$23.95	$19.80	$17.05	$15.09
8	$86.99	$45.23	$31.34	$24.41	$20.28	$17.53	$15.59
9	$87.45	$45.68	$31.80	$24.88	$20.76	$18.03	$16.09
10	$87.92	$46.14	$32.27	$25.36	$21.25	$18.53	$16.60
11	$88.38	$46.61	$32.74	$25.85	$21.74	$19.03	$17.12
12	$88.85	$47.07	$33.21	$26.33	$22.24	$19.55	$17.65
13	$89.32	$47.54	$33.69	$26.83	$22.75	$20.07	$18.19
14	$89.79	$48.01	$34.18	$27.33	$23.27	$20.61	$18.74
15	$90.26	$48.49	$34.67	$27.83	$23.79	$21.14	$19.27
16	$90.73	$48.96	$35.16	$28.34	$24.32	$21.69	$19.86
17	$91.20	$49.44	$35.65	$28.85	$24.85	$22.25	$20.44
18	$91.68	$49.92	$36.15	$29.37	$25.39	$22.81	$21.02
19	$92.16	$50.41	$36.66	$29.90	$25.94	$23.38	$21.61
20	$92.63	$50.90	$37.16	$30.43	$26.49	$23.95	$22.21