1. Add-on Loan Monthly Payment and APR. Craig Sims has decided to borrow 4,500 using a 1-year, 4 percent, monthly installment loan. He wants to calculate the amount of the monthly payments and the APR...

1. Add-on Loan Monthly Payment and APR. Craig Sims has decided to borrow
4,500 using a 1-year, 4 percent, monthly installment loan. He wants to calculate the amount of the monthly payments and the APR on the loan.

2. Student loan options. Marilyn Seacrest is a sophomore at State College and is running out of money. Wanting to continue her education, Marilyn is considering a student loan. Explain her options. How can she minimize her borrowing costs and maximize her flexibility?