Using the simple interest method

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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 8%. How much interest will be paid during the first 3 month of this loan? How much principals will be paid during the first 3 month of this loan? (Use the amortization schedule to figure out the answer)

Reference no: EM131878257

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