Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 12%. Use financial calculator to answer the question. Round the answer to the nearest cent.

Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 12%. Use financial calculator to answer the question. Round the answer to the nearest cent.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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