Chapter 7 Financial Planning Exercise 7 Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $2,500 installment loan if the funds are borrowed for 30 months at an annual interest rate of 7\%. 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. $