Question: Chapter 7 Financial Planning Exercise 6 Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $4,500 installment loan

Chapter 7 Financial Planning Exercise 6 Calculating monthly installment loan payments

Using the simple interest method, find the monthly payments on a $4,500 installment loan if the funds are borrowed for 24 months at an annual interest rate of 12%. Use financial calculator to answer the question. Round the answer to the nearest cent. $_______ per month

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