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...

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.)