For each of the following loan terms, calculate the amount of interest as directed in the question:
A. Calculate the annual interest that will be paid on a $42,000, 3%, loan. Enter the interest rate as a percent (not a decimal). When required, round all answers to nearest cent.
Interest = $ x % x / 12 = $
B. Calculate the monthly interest that will be paid on a $62,000, 5% loan.
Interest = $ x % x / 12 = $
Installment loans
On June 1, Depend to Industries signed a 5.25% mortgage (installment) note for $325,000. The monthly payment of $1,800 is due on the last day of each month. Complete the amortization table for the first three loan payments. When required, round your answers to nearest cent.