Personal Financial Planning 13th Edition by Lawrence Gitman,Michael Joehnk,Randy Billingsley

تمرين 29

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 7.6.)