Respuesta :
The monthly payments for each add-on interest loan is $29.7.
What is interest?
Simple interest is a way to figure out how much interest will be charged on a sum of money at a specific rate and for a specific duration of time. Contrary to compound interest, where we add the interest of one year's principal to the next year's principal to compute interest, the principal amount under simple interest remains constant.
According to the question,
Principal (P) = $1150
Rate of Interest(R) = 6%
Time (T) = 4 years
The interest is calculated as follows:
SI = (P × R × T)/100
SI = (1150 × 6 × 4)/100
SI=$ 276
Amount (A) = P + SI
A = $(1150 +276)
A = $1426
Monthly payment with interest = A/(4×12)
= $ 1426/48
= $29.7
Learn more about interest here:
https://brainly.com/question/2294792
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