Chapter 7 Financial Planning Exercise 6 Calculating monthly installment loan payments per month Calculating interest and APR of installment loan Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $2,000 installment loan to be repaid in 60 monthly installments of $44.51 ? Round the answer to 4 decimal places. % per month What is the APR on this loan? Round the answer to 2 decimal places