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Calculating interest and APR of installment loan

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Question - 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 interest and APR of installment loan.

Assume that interest is the only finance charge. Use financial calculator to answer the questions.

How much interest would be paid on a $3,000 installment loan to be repaid in 36 monthly installments of $99.71?

What is the APR on this loan? Round the answer to 2 decimal places.

Reference no: EM132644824

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