Compute the total interest and the monthly payments for an add-on interest loan of $2180, with an annual interest rate of 7 percent and a term of 4 years. The total interest is $ (Round to the nearest cent.) Solution A = 2180 i = 7% n = 4yrs F = A * (1+iy/12)^(12n) -1) / i F = 2180 * ((1.0058)^48 -1)/(0./00583) F = 120356.8 $ Total Interest = F - 48A I = 120356.8 - 48 * 2180 I = 15716.82 $.