Question: CALCULATING MONTHLY INSTALLMENT LOAN PAYMENTS. Using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are borrowed for

CALCULATING MONTHLY INSTALLMENT LOAN PAYMENTS. 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 6 percent. 7. CALCULATING INTEREST AND APR OF INSTALMENT 10 AN. Assuming that interest is the only finance charge, how much interest would be paid on a $5,000 installment loan to be repaid in 36 monthly installments of $166.10? What is the APR on this loan? LO1

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