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 $4000 loan for 30 months at 9.5% APR. How much of the first month's payment is interest? (Round your answer to the nearest cent.)
Interest in first month:
= $4,000×9.5%/12
= $31.67
Hence, Interest in first month is $31.67
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Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers...
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 $2000 loan for 30 months at 7% APR. What is the monthly payment? (Round your answer to the nearest cent.)
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