Question: Case 5 - Using the simple interest method, find the monthly payments on a $7,500 installment loan if the funds are borrowed for 36 months

Case 5 - Using the simple interest method, find the monthly payments on a $7,500 installment loan if the funds are borrowed for 36 months at an annual interest rate of 10 percent. How much interest will be paid during the life of this loan? If paying off the Loan 1 year earlier, what will be the pay-off amount

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