Question: Using the simple interest method, find the monthly payments on a $3,500 installment loan if the funds are borrowed for 36 months at an annual

Using the simple interest method, find the monthly payments on a $3,500 installment loan if the funds are borrowed for 36 months at an annual interest rate of 9%. Use financial calculator to answer the question. Round the answer to the nearest cent.

$______ per month

Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $7,000 installment loan to be repaid in 48 monthly installments of $184.38? Round the answer to 4 decimal places.

_____ % per month

What is the APR on this loan? Round the answer to 2 decimal places. ____%

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