Michael wants to buy some new exercise equipment for his home gym for \( \$ 357,000 \) financed at an annual interest rate of \( 9 \% \) using the add-on method. If Michael wants to pay off the loan in 2 years, what will be his monthly payment? His monthly payments are \( \$ \square \). (Round to the nearest cent as needed.)

To calculate Michael's monthly payment using the add-on method, we first need to determine the total interest for two years. The formula for total interest using the add-on method is: \[ \text{Total Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \] Here, the principal is \( \$ 357,000 \), the rate is \( 9\% \) or \( 0.09 \), and the time is \( 2 \) years. \[ \text{Total Interest} = 357,000 \times 0.09 \times 2 = 64,230 \] Next, we find the total amount to be repaid: \[ \text{Total Repayment} = \text{Principal} + \text{Total Interest} = 357,000 + 64,230 = 421,230 \] Now, we need to find the monthly payment over 24 months (2 years): \[ \text{Monthly Payment} = \frac{\text{Total Repayment}}{\text{Number of Months}} = \frac{421,230}{24} \approx 17,595.42 \] Therefore, Michael's monthly payments are \( \$ 17,595.42 \).