Question: Exercise 71 Calculating monthly installment loan payments using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are

Exercise 71 Calculating monthly installment loan payments using the simple interest method, find the monthly payments on a $3,000 installment loan if the funds are borrowed for 24 months at an annual interest rate of 6 percent. 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.)

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