Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here.

Question

Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced.

Assume that you take out a $3000 loan for 30 months at 8.5% APR. What is the monthly payment? (Round your answer to the nearest cent.)

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Diễm Thu 2 weeks 2021-09-01T18:02:16+00:00 1 Answers 0 views 0

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    2021-09-01T18:03:26+00:00

    Answer:

    111.35

    Step-by-step explanation:

    effective rate: .085/12= .00708333333333

    3000=x\frac{1-(1+.00708333333333)^{-30}}{.00708333333333}\\x=111.35

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