sing the simple interest method, find the monthly payments on a $3,500 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.