Using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds

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Using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are borrowed for 24 months at an annual interest rate of 8%. How much interest will be paid during the first year of this loan? (Use a monthly payment analysis similar to the one in Exhibit 7.6.)

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Personal Financial Planning

ISBN: 9781439044476

12th Edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

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