1. Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to...

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1. 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. To buy a car, you borrow $25,000 with a term of five years at an APR of 8%. What is your monthly payment? (Round your answer to the nearest cent.) How much total interest is paid? (Round your answer to the nearest cent.) 1. 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. To buy a car, you borrow $25,000 with a term of five years at an APR of 8%. What is your monthly payment? (Round your answer to the nearest cent.) How much total interest is paid? (Round your answer to the nearest cent.)

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Monthly Payment Borrowed Amount ... View the full answer