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 rote of 6% You can use financial calculator, Excel, or Exhibit 7.6). Round the answer to the ricarest 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. Part of each monthly payment on an instaliment loan goes to interest and part to principal. As the loan is paid down over time, less and less of each payment goes to interest and more and more goes to principal