Chapter 7 Financial Planning Exercise 7 Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $6,500 installment loan if the funds are borrowed for 36 months at an annual interest rate of 9%. You can use financial calculator, Excel, or Exhibit 7.6). Round the answer to the nearest cent. Round the answer to the nearest cent. per month How much interest will be paid during the first year of this loan? (Use a monthly payment analysis similar to the one in Exhibit 7.7.) Round your intermediate computations and final answers to the nearest cent