We measure the magnetic susceptibility of ultrathin Co films with an in-plane uniaxial magnetic anisotropy grown on a vicinal Cu substrate. Above the Curie temperature the influence of the magnetic anisotropy can be investigated by means of the parallel and transverse susceptibilities along the easy and hard axes. By comparison with a theoretical analysis of the susceptibilities we determine the isotropic exchange interaction and the magnetic anisotropy. These calculations are performed in the framework of a Heisenberg model by means of a many-body Green\'s function method, since collective magnetic excitations are very important in two-dimensional magnets.